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More significant pullback could lead to a retest at 93.00

  • The DXY remains on the defensive and gradually approaches 93.00.
  • A break of 93.00 would put the 92.70 region back on the radar.

The US Dollar Index (DXY) trades through the multi-day lows at the 93.20 / 15 band on Tuesday, simultaneously extending the recent failure at the six-month resistance line.

A deeper pullback further south to the 93.00 area is expected, and if that level is broken, the way will be clear for a visit to the mid-September lows in the 92.70 region.

While below the 200-day SMA today at 96.80, the negative view on the dollar is expected to persist.

DXY day chart

DXY

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Credits: Forex Street

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