US Dollar Index Price Analysis: Strong support is located around 92.00

  • USD bears failed to break below the 92.00 support so far.
  • Further south emerges the YTD lows near 91.70 (September 1).

DXY keeps flirting with the 8-month support line, today around 92.15, as the selling bias appears to have returned to the dollar.

The outlook on the index remains negative and therefore further declines are likely in the near-term. That said, the next target of relevance comes in at the 2020 low at 91.74 (September 1) ahead of May 2018 lows near 91.80.

In the near-term, the selling pressure is seen mitigating somewhat above weekly highs at 93.20 (November 11). However, as long as DXY trades below the 200-day SMA, today at 96.14, the negative view is forecast to persist.

DXY daily chart

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