US Dollar Index Price Analysis: Still biased to the downside

DXY flirts with recent lows in the 90.20 region.
There is scope for a probable visit to the 90.00 level.

Pablo Piovano FXStreet

DXY extends the leg lower and revisits the area of recent lows in the proximity of 90.20 on Monday.

Below this area emerges the psychological support at 90.00, which is in turn underpinned by the 2020-2021 support line. A breakdown of this zone should open the door to a probable move to the 2021 lows around 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 (93.31), the negative stance is expected to persist.

DXY daily chart

Dollar Index Spot

Overview
Today last price	90.27
Today Daily Change	36
Today Daily Change %	-0.10
Today daily open	90.36

Trends
Daily SMA20	90.67
Daily SMA50	90.38
Daily SMA100	91.49
Daily SMA200	93.36

Levels
Previous Daily High	90.65
Previous Daily Low	90.18
Previous Weekly High	91.06
Previous Weekly Low	90.12
Previous Monthly High	90.95
Previous Monthly Low	89.21
Daily Fibonacci 38.2%	90.36
Daily Fibonacci 61.8%	90.47
Daily Pivot Point S1	90.14
Daily Pivot Point S2	89.92
Daily Pivot Point S3	89.66
Daily Pivot Point R1	90.61
Daily Pivot Point R2	90.87
Daily Pivot Point R3	91.09

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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