US Dollar Index Price Analysis: The 2020 lows loom closer

DXY comes under extra selling pressure and breaches 93.00.
The initial target is at the 2020 low at 92.55 (July 31).

Pablo Piovano FXStreet

Sellers have regained control of the price action around DXY, dragging it back to the sub-93.00 levels, paving the way at the same time for a deeper retracement.

In fact, further downside is increasingly likely in the current context. Bets for another visit to the YTD low at 92.55 are rising, while further decline should expose the Fibo level (of the 2017-2018 drop) at 91.92 ahead of the May 2018 low at 91.80

The negative outlook on the dollar is expected to remain unaltered while below the 200-day SMA, today at 97.96.

DXY weekly chart

Dollar Index Spot

Overview
Today last price	93
Today Daily Change	40
Today Daily Change %	-0.26
Today daily open	93.24

Trends
Daily SMA20	95
Daily SMA50	96.34
Daily SMA100	98.17
Daily SMA200	97.99

Levels
Previous Daily High	93.84
Previous Daily Low	93.23
Previous Weekly High	94.37
Previous Weekly Low	92.55
Previous Monthly High	97.64
Previous Monthly Low	92.55
Daily Fibonacci 38.2%	93.46
Daily Fibonacci 61.8%	93.6
Daily Pivot Point S1	93.04
Daily Pivot Point S2	92.83
Daily Pivot Point S3	92.43
Daily Pivot Point R1	93.64
Daily Pivot Point R2	94.04
Daily Pivot Point R3	94.25

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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