US Dollar Index Price Analysis: DXY bears keep 93.20 on radar

DXY remains pressured around three-week low after a two-day downtrend.
Clear break of 21-DMA, two-month-old horizontal area favor sellers.
50-DMA, five-month-old support line offer a tough nut to crack for the bears.

Anil Panchal FXStreet

US Dollar Index (DXY) fades bounce off multi-day low, retreating to 93.60 during Thursday’s Asian session.

The greenback gauge dropped in the last two days following the downside break of 21-DMA and a horizontal area comprising levels marked since August.

Given the firmer Momentum backing the current south-run, US Dollar Index is likely staying on the sellers’ list.

However, a confluence of 50-DMA and an ascending support line from late May, around 93.20, will be a tough nut to crack for the DXY bears.

Should the quote drops below 93.20, September’s low near 91.94 will be in focus.

Alternatively, the stated horizontal area close to 93.75 precedes 21-DMA level near 93.92 to restrict short-term recovery moves of the US Dollar Index.

In a case where DXY bulls manage to conquer 93.92 hurdle, also cross the 94.00 threshold, the yearly top of 94.56 should gain the market’s attention.

DXY: Daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	93.6
Today Daily Change	-0.18
Today Daily Change %	-0.19%
Today daily open	93.78

Trends
Daily SMA20	93.93
Daily SMA50	93.25
Daily SMA100	92.59
Daily SMA200	91.83

Levels
Previous Daily High	93.96
Previous Daily Low	93.5
Previous Weekly High	94.56
Previous Weekly Low	93.76
Previous Monthly High	94.51
Previous Monthly Low	91.95
Daily Fibonacci 38.2%	93.68
Daily Fibonacci 61.8%	93.79
Daily Pivot Point S1	93.54
Daily Pivot Point S2	93.29
Daily Pivot Point S3	93.08
Daily Pivot Point R1	93.99
Daily Pivot Point R2	94.2
Daily Pivot Point R3	94.45

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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