DXY Technical Analysis: Door open for further downside? DXY breaks below the short-term support line
|- The better tone in the risk-on trade plus disappointing figures from the US docket leaves the buck vulnerable today and brought in extra downside pressure on the US Dollar Index (DXY).
- The index has broken below the critical support line and extended the drop further south of the key support at 95.00 the figure.
- The down move carries the potential to extend to June’s low at 93.71 unless the tariffs-trade comes back to the fore along with the perception of two more rate hikes by the Fed in the next months.
DXY daily chart
Daily high: 94.97
Daily low: 94.43
Support Levels
S1: 94.63
S2: 94.40
S3: 94.08
Resistance Levels
R1: 95.18
R2: 95.50
R3: 95.73
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