Home US Dollar Index Price Analysis: The 55-day SMA offers initial contention

US Dollar Index Price Analysis: The 55-day SMA offers initial contention

Published date: 2 Oct. 2020 | 12:47

DXY remains consolidative below the 94.00 yardstick.
The 55-day SMA emerges as a minor support near 93.40.

DXY broke below the 94.00 support and opened the door to further decline in the short-term horizon.

That said, there is a minor contention area near 93.40, where sits the 55-day SMA. A deeper move could see the more relevant support zone around 92.70 revisited.

While below the 200-day SMA, today at 97.01, the negative view on the dollar is expected to prevail.

DXY daily chart

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.