- The DXY did not break below 92.00 and rebounded.
- Further south, the lows of this year emerge near 91.70 (September 1).
The US Dollar Index (DXY) continues to flirt with the eight-month support line, around 92.15 today, as the selling bias appears to have returned to the dollar.
The outlook for the index remains negative and further declines are likely in the short term. That said, the next target for relevance is at the 2020 low of 91.74, reached on Sept. 1, ahead of the May 2018 lows near 91.80.
In the short term, selling pressure is expected to ease above the weekly highs of 93.20 (November 11). However, as long as the DXY trades below the 200 SMA today at 96.14, the negative view is forecast to persist.
DXY day chart
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