- The DXY index rally remains strong and is approaching the 93.80 area.
- The resistance line near 93.80 appears as a minor obstacle.
After bottoming out near the 93.00 region earlier in the week, the DXY index has regained some buying interest and is now testing the upper end of the range near the 93.80 level.
The continuation of the corrective rally is expected to hit the next hurdle at the 93.80 region, where the 6-month resistance line lies, ahead of a Fibonacci level at 94.20. Higher up is the September high in the region of 94.74.
As long as the DXY index remains below the 200 day SMA, today at 96.86, the negative view is expected to prevail over the dollar.
US Dollar Index DXY Daily Chart
Credits: Forex Street
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