- The DXY remains within a narrow range around 90.00.
- Immediate support emerges at the 89.50 region.
The US Dollar Index (DXY) is moving around the neighborhood of 90.00 at the beginning of the week.
Last week’s rebound to 90.50 was untracked and triggered a subsequent pullback from current levels. If the bulls fail to regain the 90.50 area in the short term, then the DXY could be exposed to a deeper pullback to initially last week’s lows at the 89.50 area.
Further down it is at this year’s low at 89.20 (Jan 6 low).
Meanwhile, and looking at the broader picture, as long as the DXY remains below the 200-day SMA today at 91.67, the outlook for the dollar is forecast to remain negative.
DXY day chart
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