- DXY loses support at 93.00 amid renewed strong selling pressure on the dollar.
- The October low at the 92.50 area emerges as the next prominent support.
The DXY intensified the bearish tone and is testing the key month-to-month support line in the 92.90 / 80 region on Thursday.
Rising market optimism about a Biden win is bolstering risk appetite, putting the dollar under additional pressure. That said, a deeper pullback in the DXY could lead to a retest of October lows in the 92.50 area on a short-term horizon.
As long as the index trades below the 200-day SMA, today at 96.53, the negative view is expected to persist.
DXY day chart
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Credits: Forex Street
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