US Dollar Index Price Analysis: Rising odds for a move to 89.20

DXY puts the 2020-2021 support line (89.80) to the test.
Further south of this area comes in the 2021 lows at 89.20.

Pablo Piovano FXStreet

DXY resumes the downside and extends the drop further south of the psychological support at the 90.00 yardstick.

Sellers are facing a major contention area around the critical 90.00 level, which is in turn underpinned by the proximity of the 2020-2021 support line. A sustainable breakdown of this zone should open the door to a potential move to the 2021 low at 89.20 (January 6) ahead of the March 2018 low at 88.94.

In the meantime, occasional bouts of upside pressure in the index are deemed as corrective only amidst the broader bearish view on the dollar. That said, bullish attempts to the 91.00 hurdle and beyond could represent selling opportunities against the current backdrop.

In the longer run, as long as DXY trades below the 200-day SMA (93.17), the negative stance is expected to persist.

DXY daily chart

Dollar Index Spot

Overview
Today last price	89.73
Today Daily Change	45
Today Daily Change %	-0.36
Today daily open	90.05

Trends
Daily SMA20	90.63
Daily SMA50	90.35
Daily SMA100	91.38
Daily SMA200	93.22

Levels
Previous Daily High	90.43
Previous Daily Low	89.98
Previous Weekly High	91.06
Previous Weekly Low	90.12
Previous Monthly High	90.95
Previous Monthly Low	89.21
Daily Fibonacci 38.2%	90.15
Daily Fibonacci 61.8%	90.26
Daily Pivot Point S1	89.88
Daily Pivot Point S2	89.7
Daily Pivot Point S3	89.43
Daily Pivot Point R1	90.33
Daily Pivot Point R2	90.6
Daily Pivot Point R3	90.78

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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