- The DXY index breaks below the 8-month support line.
- The dollar hits new lows in 2020 around 91.55.
The downside momentum in the DXY index has recently accelerated following the breakout of a Fibonacci level at the 91.90 region and the 8-month support line near 91.80.
Therefore, the continuation of the downtrend is a clear possibility, with the next level of relevance at the April 2018 lows near 89.20.
Occasional bullish attempts should break above the 93.20 level (November 11 high) to mitigate the downside pressure a bit. However, as long as the DXY index remains below the 200-day SMA, today at 95.98, the selling posture is expected to persist.
US Dollar Index DXY Daily Chart
US dollar DXY index technical levels
.
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.
