- The DXY (US Dollar Index) seems initially contained by the weekly low around 93.75.
- Further consolidation is likely before further gains.
The DXY (US Dollar Index) remains on the defensive, although the decline appears limited to around 93.75 so far.
The DXY could attempt some consolidation before the resumption of the upside as long as 93.75 remains lower in the near term. The loss of this level is expected to pave the way for a deeper move in the mid-93.00. On the upside, there are no significance levels until the 2021 high of 94.56 (Oct 12).
Looking at the bigger picture, the constructive stance on the index is seen unchanged above the 200-day SMA at 91.79.
DXY daily chart
Technical levels
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