US Dollar Index Technical Analysis: Decline is challenging the 21-day SMA near 98.70

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  • The downside momentum in DXY is picking up extra pace in the second half of the week, extending the breach of the key support at the 99.00 handle.
  • The continuation of the selling impetus carries the potential to spark a deeper pullback to the initial target at the 55-day SMA, today at 98.36.
  • Below the 55-day SMA the upside pressure is expected to alleviate somewhat and open the door to extra losses.

DXY daily chart

 

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