US Dollar Index Price Analysis: The 93.50 area holds the downside… for now
|- DXY could not sustain Thursday’s bullish attempt to 93.80.
- Solid contention remains around the mid-93.00s so far.
DXY resumes the downside after the recent failed attempt to re-visit the 94.00 neighbourhood (Thursday).
Further consolidation is now likely amidst the current price action. However, if sellers manage to drag the index further south of 93.50 then DXY could be poised for a deeper pullback to the 55-day SMA at 93.25 followed by late September lows around 93.00 (September 23/24).
Looking at the broader picture, the constructive stance on the index is seen unchanged above the 200-day SMA at 91.87.
DXY daily chart
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