Home US Dollar Index Price Analysis: Solid support aligns in the 93.00 area

US Dollar Index Price Analysis: Solid support aligns in the 93.00 area

Updated: 12 Oct. 2020 | 13:57

DXY manages to rebound from recent lows in the 93.00 zone.
A breach of this level should open the door to a move to 92.70.

After bottoming out in the 93.00 neighbourhood, DXY regains some composure and flirts with the 55-day SMA near 93.30 at the beginning of the week.

If the ongoing bullish move picks up extra pace, then the next interim hurdle comes in near 94.00, where is located the 6-moonth resistance line ahead of a Fibo level at 94.20.

While below the 200-day SMA, today at 96.92, the negative view on the dollar is expected to prevail.

DXY daily chart

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.

View all posts by FX Street

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision. The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.