US Dollar Index Technical Analysis: Bearish pullback to 94.43 key level is on the pipeline as DXY bears reverse Tuesday’s gains

• The US Dollar Index (DXY) is trading in a bull channel above its 50, 100 and 200-day simple moving average (SMA) suggesting that the main trend is still bullish.  
• On Wednesday, the bears erased the previous day gains after finding strong resistance at the 96.65 resistance. The RSI, MACD and Aaron indicators are all bearishly configured suggesting that a deeper correction toward 94.43 (August 28 swing low) might be imminent.
• A sustained bull breakout above 95.65 would invalidate the near-term bearish bias.  

DXY daily chart

Spot rate:                95.14
Relative change:      -0.29%
High:                       95.67
Low:                        95.07

Trend:                     Bullish above 95.65
Near-term:               Bearish below 95.65
     
Resistance 1:         95.24 July 13 high
Resistance 2:         95.52 August 6 high
Resistance 3:         95.65 July 19 high
Resistance 4:         96.00 figure

Support 1:            95.00 figure
Support 2:            94.91 July 27 high  
Support 3:            94.43 August 28 swing low