US Dollar Index Price Analysis: Rising odds for a move to 91.70
|- DXY briefly breaks below the 92.00 key support on Wednesday.
- Further south emerges the YTD lows near 91.70 (September 1).
DXY seems to have met initial support in the 91.95/90 band, where also sits a Fibo retracement of the 2017-2018 drop.
The short-term outlook for the index stays bearish, leaving the door open for deeper retracements. That said, the next target of relevance comes in at the 2020 low at 91.74 (September 1) ahead of May 2018 lows near 91.80.
In the near-term, the selling pressure is seen mitigating somewhat above weekly highs at 93.20 (November 11). However, as long as DXY trades below the 200-day SMA, today at 96.10, the negative view is forecast to persist.
DXY daily chart
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