US Dollar Index Price Analysis: Extra rangebound likely near term
|- DXY fades Tuesday’s small uptick and returns to 92.50.
- Further consolidation now seems on the table.
DXY extends the erratic performance so far on Wednesday, receding further from Monday’s peaks just below the 93.00 area.
In light of the recent price action, further consolidation stays well in the pipeline. That said, the immediate resistance is located at recent tops around 92.90, while the 92.30 region should hold the initial test on the downside.
In the meantime, and looking at the broader scenario, the constructive stance on the dollar is seen unchanged while bove the 200-day SMA, today at 91.39.
DXY daily chart
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