US Dollar Index Price Analysis: DXY bulls attack 92.35 key hurdle
- DXY edges higher around weekly top, keeps the biggest daily gains in a week.
- 10-DMA, two-week-old resistance line challenge bulls amid firmer Momentum line.
- Sellers need to break ascending support line from June 23 to retake controls.
US Dollar Index (DXY) refreshes intraday high to 92.32, up 0.05% intraday, amid Thursday’s Asian session.
The greenback gauge reversed from a multi-day-old support line the previous day, backed by the Momentum indicator. However, 10-DMA and a short-term resistance trend line seem to challenge the bulls of late.
Even so, the quote’s refrain to break the key support line and firmer Momentum favors the optimists to aim for 92.35 breakout.
Following that, June’s top surrounding 92.45 may filter the up-moves targeting the early July’s high near 92.85.
In a case where DXY bulls keep reins past 92.85, the last month’s high, also the highest since April, around 93.20, will be in focus.
Meanwhile, pullback moves remain less worrisome until staying beyond the stated support line, at 91.82 by the press time.
Also acting as important support is the late June’s swing low close to 91.50.
DXY: Daily chart
Trend: Further upside expected
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.
