More losses would lead to a test at 91.30

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  • The DXY remains offered with risks of extending the pullback in the short term.
  • There is intermediate support at the 50-day SMA at 91.45.

The US Dollar Index (DXY) remains on the defensive so far this week and threatens to break below the key 200-day SMA.

A sustainable drop below the latter should open the door to further losses with the initial intermediate target at the 50-day SMA today at 91.45. Further down it is in the most relevant area around 91.30, where the weekly lows registered in mid-March are located.

Below the 200 day SMA, the outlook for the DXY is expected to turn bearish.

DXY day chart

DXY

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