- The DXY index regains some traction and hits highs around 92.70 / 75.
- A further drop is still likely with the next target near 91.70.
The DXY index stops a 5-day negative streak and rises to the 92.70 / 75 region, at new 3-day highs on Thursday.
Despite the current bullish attempt, the broader focus remains to the downside. That said, the additional losses are initially targeting the monthly low at 92.13 (Nov 9) before the 2020 low at 91.74 (Sept 1).
In the short term, the downward pressure is expected to ease somewhat above the weekly highs at 93.20 (Nov 11).
Longer term, as long as the DXY index remains below the 200-day SMA, today at 96.24, the negative view is expected to persist.
US Dollar Index DXY Daily Chart
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