- The DXY continues to flirt with the 8.0 month support line around 92.00.
- Immediately to the downside, the lows of this year appear at 91.74.
The US Dollar Index (DXY) remains unable to regain ground and remains well on the defensive around 92.00.
The outlook for the index remains negative and is on the horizon for a deeper pullback on the short-term horizon. Against this, the 2020 low at 91.74 (September 1 low) emerges as the next target to highlight before the April 2018 lows near 89.20.
In the short term, selling pressure is expected to ease somewhat above the weekly highs of 93.20 (November 11 high). However, as long as the DXY trades below the 200 SMA today at 96.02, the negative stance is forecast to persist.
DXY day chart
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