US Dollar Index Price Analysis: Extra range bound looks likely
|- DXY fails once again to reclaim the 94.00 area on Tuesday.
- The mid-93.00s emerge as a strong support so far.
DXY extends the erratic performance recorded as of late and comes under some selling pressure following another unsuccessful attempt to re-visit the 94.00 yardstick.
In the meantime, the greenback looks poised for further consolidation as long as the 93.50 region holds. On the other hand, the surpass of 94.00 – ideally in the very near term – could motivate the index to initiate a more convincing recovery to initially, the weekly top at 94.17 (October 18) followed by the 2021 high at 94.56 (October 12).
Looking at the broader picture, the constructive stance on the index is seen unchanged above the 200-day SMA at 91.90.
DXY daily chart
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