US Dollar Index Technical Analysis: The index remains under pressure. Further downside is not ruled out

The greenback, measured by the US Dollar Index (DXY), remains under downside pressure below the 96.00 mark, where is located the key 100-day SMA. This immediate hurdle is reinforced by the key 10-day SMA around 96.19.
In addition, DXY is eroding the short-term support line off October low, today at 95.92. A sustainable break below this line could spark a deeper leg lower which should meet initial support at 94.79 (October low).
On the broader picture, the sideline theme prevailing since early November 2018 should remain in place for the time being, as investors wait for stronger catalysts to emerge.

Pablo Piovano FXStreet

DXY daily chart

Dollar Index Spot

Overview:
    Today Last Price: 95.88
    Today Daily change: -4.0 pips
    Today Daily change %: -0.0417%
    Today Daily Open: 95.92
Trends:
    Previous Daily SMA20: 96.69
    Previous Daily SMA50: 96.77
    Previous Daily SMA100: 96
    Previous Daily SMA200: 94.79
Levels:
    Previous Daily High: 96.03
    Previous Daily Low: 95.69
    Previous Weekly High: 96.96
    Previous Weekly Low: 95.82
    Previous Monthly High: 97.71
    Previous Monthly Low: 96.06
    Previous Daily Fibonacci 38.2%: 95.9
    Previous Daily Fibonacci 61.8%: 95.82
    Previous Daily Pivot Point S1: 95.73
    Previous Daily Pivot Point S2: 95.54
    Previous Daily Pivot Point S3: 95.39
    Previous Daily Pivot Point R1: 96.07
    Previous Daily Pivot Point R2: 96.22
    Previous Daily Pivot Point R3: 96.41

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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