- The persistent selling bias around the greenback has motivated the US Dollar Index to drop further, threatening at the same time the key short-term support line, today around 94.20. This area of contention is reinforced by a retracement of the 2017/2018 drop at 94.20.
- A break below the short-term support line off June’s low should open the door for a continuation of the down move to, initially, 94.08 (low July 26) seconded by 93.71 (July’s low).
- While above the support line, the constructive bias remains unchanged, although it should test and surpass the 94.90 level to allow for extra upside.
DXY daily chart
Daily high: 94.46
Daily low: 94.19
Support Levels
S1: 94.16
S2: 93.96
S3: 93.66
Resistance Levels
R1: 94.66
R2: 94.96
R3: 95.16