- DXY remains entrenched into the negative territory below 93.00.
- The 91.92/80 band emerges as the next key target for bears.
The sell-off in DXY has reached levels last seen in May 2018 in the sub-93.00 zone at the end of the week, leaving the negative stance on the dollar intact in the near-term.
In fact, further downside is increasingly likely in the current context. There is scope for the index to skip back to the Fibo level (of the 2017-2018 drop) at 91.92 ahead of the May 2018 low at 91.80
The negative outlook on the dollar is expected to remain unaltered while below the 200-day SMA, today at 98.02.
DXY weekly chart
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