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  • DXY is retracing down for the third consecutive day. 
  • The level to beat for sellers is the 98.85 support. 

DXY daily chart

The US dollar index (DXY) is retracing down below the 2019 high at 99.67 level. DXY is negatively affected by the risk-off environment generated by the spread of the Coronavirus.  

DXY four-hour chart

The market is trading at its lowest in seven days while challenging the 100 SMA on the four-hour chart. If the market breaks below the 98.85 support, DXY could continue to decline towards the 98.60 and 98.20 levels. Resistance is seen near the 99.20 and 99.40 levels. 

Additional key levels