US Dollar Index Price Analysis: Further decline targets 90.00
|- DXY gyrates around the 8-month support line near 91.70.
- The index recorded new 2020 lows in the 91.50 zone on Monday.
The bearish momentum surrounding the greenback remains unchanged and motivates DXY to keep the trade in the 91.70 region so far, where sits the 8-month support line.
Against this, bets for a deeper pullback remain on the rise and target the psychological support at 90.00 ahead of the April 2018 lows near 89.20.
Occasional bullish attempts need to surpass the 93.20 level (November 11) to mitigate the downside pressure somewhat. However, as long as DXY trades below the 200-day SMA, today at 95.95, the offered stance is forecast to persist.
DXY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.