US Dollar Index Price Analysis: Extra losses in the pipeline

DXY breaks below the 8-month support line.
The dollar clinches new 2020 lows around 91.55.

Pablo Piovano FXStreet

The downside momentum in DXY has accelerated as of late following the breakdown of a Fibo level in the 91.90 region and the 8-month support line near 91.80.

Therefore, the continuation of the downtrend is a palpable possibility with the next level of relevance at the April 2018 lows near 89.20.

Occasional bullish attempts need to surpass the 93.20 level (November 11) to mitigate the downside pressure somewhat. However, as long as DXY trades below the 200-day SMA, today at 95.98, the offered stance is forecast to persist.

DXY daily chart

Dollar Index Spot

Overview
Today last price	91.58
Today Daily Change	23
Today Daily Change %	-0.24
Today daily open	91.8

Trends
Daily SMA20	92.63
Daily SMA50	93.21
Daily SMA100	93.4
Daily SMA200	96.04

Levels
Previous Daily High	92.05
Previous Daily Low	91.76
Previous Weekly High	92.81
Previous Weekly Low	91.76
Previous Monthly High	94.1
Previous Monthly Low	92.47
Daily Fibonacci 38.2%	91.87
Daily Fibonacci 61.8%	91.94
Daily Pivot Point S1	91.69
Daily Pivot Point S2	91.58
Daily Pivot Point S3	91.4
Daily Pivot Point R1	91.98
Daily Pivot Point R2	92.16
Daily Pivot Point R3	92.27

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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