US Dollar Index Technical Analysis: DXY consolidating below the 100-day simple moving average ahead of FOMC on Wednesday

• The US Dollar Index (DXY) bull trend is morphing into a neutral to bearish one as the market broke below the 100-day simple moving average (DMA).  
• The market is consolidating the recent bear leg for the third day in a row 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 continued weakness.
• Bulls failure to recapture 94.43 (August 28 swing low) and 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.  
• The FOMC on Wednesday will likely lead to much volatility on the US Dollar.  

DXY daily chart

Spot rate:                 94.14
Relative change:      -0.14%
High:                        94.37
Low:                         94.01

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