US Dollar Index Price Analysis: DXY justifies weekly support break below 93.00

DXY fades early Asian bounce, retreats from 92.84.
200-HMA challenges sellers, bulls need to cross 93.05 to retake controls.

Anil Panchal FXStreet

US Dollar Index (DXY) retreats to 92.77, reversing initial gains, amid Thursday’s Asian session.

In doing so, the greenback gauge seesaws around 100-HMA while extending the previous day’s breakdown of an ascending support line, now resistance, from July 15.

Given the bearish MACD and downbeat RSI, not to forget the trend line breakdown, DXY may witness further declines targeting the 200-HMA level of 92.60.

However, bears may take a breather around 92.60, if not then the monthly low close to the 92.00 threshold should return to the charts.

Alternatively, the US Dollar Index buyers need to cross 93.05 resistance confluence, comprising a three-day-old horizontal line and previous support line, to jump back on the driver’s seat.

Following that, the yearly high surrounding 93.45 remains on the gains the market’s attention.

To sum up, DXY is up for a short-term pullback but the overall bullish trend isn’t reversed.

DXY: Hourly chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	92.78
Today Daily Change	-0.01
Today Daily Change %	-0.01%
Today daily open	92.79

Trends
Daily SMA20	92.4
Daily SMA50	91.24
Daily SMA100	91.47
Daily SMA200	91.36

Levels
Previous Daily High	93.19
Previous Daily Low	92.73
Previous Weekly High	92.83
Previous Weekly Low	92.08
Previous Monthly High	92.45
Previous Monthly Low	89.66
Daily Fibonacci 38.2%	92.9
Daily Fibonacci 61.8%	93.01
Daily Pivot Point S1	92.61
Daily Pivot Point S2	92.44
Daily Pivot Point S3	92.14
Daily Pivot Point R1	93.08
Daily Pivot Point R2	93.37
Daily Pivot Point R3	93.54

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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