DXY Technical Analysis: Hourly lows around 96.30 offers initial support

DXY is down for the second session in a row today, coming down to test once again hourly lows in the mid-96.00s after hitting fresh YTD peaks in the 97.00 handle earlier in the week.
The constructive bias around the buck remains unchanged as long as the support line off June’s lows, today at 94.66, continues to underpin.
The index remains poised to further declines following the bearish divergence in the daily RSI. This retracement should meet initial support at 96.04 (50% Fibo retracement of the 2017-2018 drop) ahead of 95.92, where is located the 10-day SMA. In case the down move accelerates, the 200-week SMA at 95.45 should come to the fore.

Pablo Piovano FXStreet

DXY daily chart

Daily high: 96.66

Daily low: 96.31

Support Levels

S1: 96.35

S2: 96.11

S3: 95.91

Resistance Levels

R1: 96.79

R2: 96.99

R3: 97.23

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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