US Dollar Index Technical Analysis: Correction down likely to extend as DXY runs out of steam

• The US Dollar Index (DXY) bears are keeping the market below the 94.00 handle.  
• DXY had a bull run since mid-April and hit a strong resistance level (November 2017 swing high) at the 95.00 handle last week.
• DXY is showing signs of exhaustion and the correction lower should extend in the coming days as long as DXY stays below the 94.00-94.45 area.

DXY 15-minute chart

Spot rate:                 93.53
Relative change:    -0.37%      
High:                        93.89
Low:                         93.53

Trend:                      Bearish below  94.00-94.45 area.

Support 1:              93.29 May 22 low
Support 2:              92.81, 38% Fibonacci retracement (mid-April-late June bull run)  
Support 3:              92.24, May 14 swing low

Resistance 1:         93.66, 23.6% Fibonacci retracement (mid-April-late June bull run)  
Resistance 2:         94.45 June 1, swing  high
Resistance 3:         95.03 current 2018 high