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3 Aug 2021
US Dollar Index Price Analysis: Downside pressure remains in place
- DXY adds to Monday’s losses around the 92.00 yardstick.
- Initial support emerges around the 91.80 region, July lows.
DXY keeps the offered note unchanged and keeps gyrating around the 92.00 neighbourhood.
Further decline still appears on the cards in the current context, however. That said, a move below July’s lows near 91.80 (Friday 30) should open the door to a potential pullback to the 91.50 region (June 23 low). This contention zone is reinforced by the proximity of the 100- and 50-day SMAs and a Fibo level.
In the meantime, and looking at the broader scenario, the positive stance on the dollar is expected to remain unchanged as long as the index trades above the 200-day SMA, today at 91.33.
DXY daily chart
