DXY Technical Analysis: Door open for further downside? DXY breaks below the short-term support line

The better tone in the risk-on trade plus disappointing figures from the US docket leaves the buck vulnerable today and brought in extra downside pressure on the US Dollar Index (DXY).
The index has broken below the critical support line and extended the drop further south of the key support at 95.00 the figure.
The down move carries the potential to extend to June’s low at 93.71 unless the tariffs-trade comes back to the fore along with the perception of two more rate hikes by the Fed in the next months.

Pablo Piovano FXStreet

DXY daily chart

Daily high: 94.97

Daily low: 94.43

Support Levels

S1: 94.63

S2: 94.40

S3: 94.08

Resistance Levels

R1: 95.18

R2: 95.50

R3: 95.73

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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