The recovery could face strong resistance below 91.00

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  • The DXY moves higher and surpasses 90.20 on Friday.
  • The next relevant resistance is around 90.90.

The US dollar index (DXY) recovered momentum and accelerated to the upside, after breaking above 90.00 at the end of the week.

A continuation of the recovery is likely on the short-term horizon and therefore the index is expected to encounter the next significant resistance at the weekly peak at 90.90 (May 13 high). The proximity to the 100-day SMA just above 91.00 reinforces this barrier.

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Meanwhile, and looking at the broader scenario, as long as the DXY remains below the 200-day SMA today at 91.69, the outlook for the dollar is forecast to remain negative.

DXY day chart

DXY

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