US Dollar Index Price Analysis: DXY bulls can ignore pullback below 92.00
- DXY struggles to extend weekly falling channel’s breakout, pressured of late.
- Momentum recovery, price move beyond channel resistance keep buyers hopeful.
- Two-week-old rising trend line adds to the downside filters.
US dollar index (DXY) snaps two-day uptrend amid early Friday. Even so, the greenback gauge keeps the previous day’s bullish breakout amid recovering Momentum line, around 91.81 by the press time.
That said, the index bears may currently aim for the stated channel’s resistance line, near 91.75, but any further downside will derail the bullish outlook and direct the quote towards the weekly low surrounding 91.50.
It should, however, be noted that an ascending support line from June 11 and the channel’s lower line, respectively around 91.43 and 91.30, become the key supports to watch during the DXY downside past 91.50.
Meanwhile, the 92.00 round figure and Tuesday’s top surrounding 92.15 may entertain intraday buyers ahead of directing them to the monthly high of 92.40.
It’s worth observing that the DXY run-up beyond 92.40 may take a breather around early March top of 92.50 during the rally targeting the yearly peak of 93.43.
Overall, the US dollar index remains on the uptrend despite the latest pullback.
DXY: Four-hour chart
Trend: Bullish
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.
