US Dollar Index price analysis: DXY challenging 200 DMA, remains highly vulnerable to the downside

DXY is under heavy pressure below the 97.70 level and the 200 DMA.
The 97.20 support level is on the bears’ radar in the medium term.

DXY daily chart

DXY (US Dollar Index) is trading in a bull trend as it is challenging the 200-day simple moving average (DMA). However, DXY is becoming increasingly weak and at risk of a selloff.

DXY four-hour chart

DXY broke below a critical support at the 97.70 level while trading below the main SMAs. At this stage, it seems that it is too late for bulls to intervene as a decline towards the 97.20 support level seems virtually inevitable.

DXY 30-minute chart

The greenback is under pressure below its main SMAs. Resistance can be seen near the 97.70 and 98.00 levels.

Additional key levels

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