US Dollar Index Price Analysis: Recovery seen struggling near 90.50
|- DXY fails to gather serious traction above 90.00.
- Recent tops near 90.50 emerge as an interim hurdle.
DXY looks to move further north of the 90.00 yardstick on a more sustainable fashion.
If bulls manage to push the index further, then the recovery is expected to meet an interim barrier at last week’s peaks in the 90.40/45 band (May 28) ahead of the 91.00 neighbourhood.
Failure to do so, the dollar is seen resuming the downtrend with the immediate contention around the May’s low at 89.50 (May 25). Further south comes in the YTD low at 89.20 (January 6).
In the meantime, and looking at the broader scenario, while below the 200-day SMA, today at 91.63 the outlook for the buck is forecast to remain negative.
DXY daily chart
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