US Dollar Index Price Analysis: Another leg lower could test the 2022 low
|- DXY struggles to gain convincing upside traction above 95.00.
- Another leg lower could re-visit the YTD low near 94.60.
Friday’s bounce in DXY meets initial resistance near 95.60 at the beginning of the week.
Another bout of weakness could prompt the index to retest the so far monthly low at 95.13 (February 4). If cleared with certain conviction, then a move to the 2022 low at 94.62 (January 14) could start to emerge on the short-term horizon.
In the near term, the 5-month line near 95.10 is expected to hold the downside for the time being. Looking at the broader picture, the longer-term positive stance in the dollar remains unchanged above the 200-day SMA at 93.50.
DXY daily chart
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