US Dollar Index (DXY) Price Analysis: Refreshes 26.5-month low under 93.00

US dollar index (DXY) prints a gap-down to refresh the lowest since mid-May 2018.
Sustained trading below 61.8% Fibonacci retracement level of 2018-20 upside favors the bears despite oversold RSI.
Highs marked in January and March months of 2018 on the sellers' radar.

Anil Panchal FXStreet

US dollar index (DXY) pulls back from 92.67 to 92.80 during the initial hour of Tokyo open on Friday. The greenback gauge portrayed a gap-down opening from 92.92 to drop to the lowest since May 15, 2018.

Considering the index weakness below 61.8% Fibonacci retracement of its broad run-up from February 2018 to March 20120, coupled with bearish MACD, the sellers are likely to dominate for a while.

In doing so, January and March 2018 tops surrounding 91.00 will become their favorites. However, January 01, 2018 low near 92.20 might offer an intermediate halt during the south-run.

Alternatively, 93.50 might offer immediate resistance to the quote ahead of pushing it towards a 61.8% Fibonacci retracement level of 93.90.

It should, however, be noted that any further rise past-93.90 will need validation from 94.00 to lure the bulls to target March 2020 low near 95.70.

DXY daily chart

Trend: Bearish

Dollar Index Spot

Overview
Today last price	92.78
Today Daily Change	-0.16
Today Daily Change %	-0.17%
Today daily open	92.94

Trends
Daily SMA20	95.53
Daily SMA50	96.71
Daily SMA100	98.33
Daily SMA200	98.06

Levels
Previous Daily High	93.68
Previous Daily Low	92.93
Previous Weekly High	96.18
Previous Weekly Low	94.32
Previous Monthly High	98.24
Previous Monthly Low	95.72
Daily Fibonacci 38.2%	93.22
Daily Fibonacci 61.8%	93.39
Daily Pivot Point S1	92.69
Daily Pivot Point S2	92.43
Daily Pivot Point S3	91.93
Daily Pivot Point R1	93.44
Daily Pivot Point R2	93.94
Daily Pivot Point R3	94.2

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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