- The DXY remains under pressure below 93.00.
- If the lows near 92.80 give way, the index would be exposed to lower.
The US Dollar Index (DXY) is now looking to stabilize at the lower end of the weekly range below 93.00.
The dollar, meanwhile, remains confined to sideways trading, amid caution ahead of Powell’s speech from the Fed at the Jackson Hole Symposium.
A drop below 92.80 is expected to open the door for further pullbacks to initially, the July / August lows around 92.50. This support zone is also reinforced by the proximity to the 55-day SMA (92.37).
Meanwhile, and looking at the bigger picture, the positive stance on the dollar is expected to remain unchanged as the index trades above the 200-day SMA, today at 91.32.
DXY day chart
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
