US Dollar Index Price Analysis: Scope for a move to the 200-day SMA

• DXY remains depressed around the 99.00 neighbourhood on Thursday.
• The door is now open for a potential move to the 200-day SMA near 98.50.

DXY is attempting to consolidate at the bottom of the weekly range near the 99.00 zone following Monday’s rejection from the 100.00 area.

Sellers now look to have regained the upper hand and therefore the door is open to further weakness in the dollar in the near-term.

That said, there is increasing bets for a deeper pullback to the 200-day SMA in the mid-98.00s in the short-term horizon.

DXY daily chart