- The DXY fails at the 21-day SMA just above 90.00.
- A serious move above 90.00 could lead to 91.00.
After bottoming out at new lows around 89.20 on Wednesday, the dollar managed to rally and advanced past 90.00, where it ran out of steam.
Despite the ongoing rally, the outlook for the dollar remains negative, with additional losses still to be seen challenging the 89.00 support before the March 2018 low of 88.94.
If the bullish attempt becomes somewhat sustainable, there is a possibility of a move towards the weekly high in the 91.00 region (Dec 21).
Long-term, as long as the DXY trades below the 200-day SMA, today at 94.74, the negative view is forecast to prevail.
DXY day chart
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