US Dollar Index Price Analysis: Gains limited by 94.70 so far
|- DXY remains on the defensive and navigates lows near 93.60.
- The 55-day SMA emerges as a minor contention near 93.40.
DXY broke below the 94.00 support and opened the door to further decline in the short-term horizon.
That said, there is a minor support at 93.46, where sits the 55-day SMA. A deeper move could see the more relevant contention area around 92.70 retested.
While below the 200-day SMA, today at 97.03, the negative view on the dollar is expected to prevail.
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.