- The US Dollar Index (DXY) bull trend is transitioning into a neutral to bearish one as the market broke below the 100-day simple moving average (DMA).
- The market is consolidating for the second consecutive day above 93.71 (July 9 swing low) as bulls are attempting to slow down the bearish slide. However, the RSI, MACD and Stochastics indicators are in bearish territories suggesting further weakness.
- Bulls failure to recapture 94.43 (August 28 swing low) and the 94.60 (100 DMA) would lead to more DXY weakness with 93.71 (July 9 swing low) and 93.17 (June 14 swing low) as main targets.
DXY daily chart
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Spot rate: 94.26
Relative change: 0.06%
High: 94.37
Low: 93.84
Trend: Neutral to bearish
Resistance 1: 94.43-60 August 28 swing low, 100-day SMA
Resistance 2: 94.91 July 27 high
Resistance 3: 95.00 figure
Resistance 4: 95.24 July 13 high
Resistance 5: 95.52 August 6 high
Resistance 6: 95.65 July 19 high
Support 1: 93.71 July 9 swing low
Support 2: 93.17 June 14 swing low
Support 3: 92.24 May 14 swing low
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