US Dollar Index Price Analysis: Selling interest alleviated above 93.20
|- DXY struggles for direction near 92.30 although it remains depressed.
- Further downside remains likely with the next target near 91.70.
DXY continues to battle to reverse six consecutive sessions with losses around the 6-month support line in the 92.30/20 band at the end of the week.
The broad outlook for the dollar remains fragile and thus extra losses are still on the cards. That said, the next target of note emerges at the monthly low at 92.13 (November 9) ahead of the 2020 low at 91.74 (September 1).
In the near-term, the selling pressure is seen mitigating somewhat above weekly highs at 93.20 (November 11). Further out, as long as DXY trades below the 200-day SMA, today at 96.21, the negative view is forecast to persist.
DXY daily chart
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