It keeps raising the odds of a visit to the 2020 low of 91.74

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  • The DXY loses more ground and falls to the 92.00 region.
  • A further drop is still likely with the next target near 91.70.

The US Dollar Index (DXY) resumed bearish runs on Monday and is looking to break the eight-month support line after Friday’s marginal gains.

The outlook for the dollar remains negative, and therefore further declines are likely in the short term. That said, the next relevancy target is at the 2020 low at 91.74 (Sept 1) ahead of the May 2018 lows near 91.80.

In the short term, selling pressure is expected to ease somewhat if a rally above the weekly highs of 93.20 (November 11) is expected. However, as long as the DXY trades below the 200-day SMA, today at 96.17, the negative view is expected to persist.

DXY day chart

DXY

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