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  • The US Dollar Index (DXY) bull trend is transitioning into a neutral to bearish one as DXY broke below the 100-day simple moving average (DMA).  
  • DXY is consolidating the recent bear leg for the fourth consecutive day above 93.71 (July 9 swing low) as bulls are attempting to slow down the bears. The RSI and MACD indicators are in bearish territories suggesting continued weakness while the Stochastics indicator is rising from oversold condition but that alone is not enough to change the bearish bias.
  • Bulls failure to recapture 94.43 (August 28 swing low) and 94.60 (100 DMA) can lead to more DXY weakness with 93.71 (July 9 swing low) and 93.17 (June 14 swing low) as main targets.  

DXY daily chart

Spot rate:                 94.31
Relative change:     0.12%
High:                        94.40
Low:                         93.96

Trend:                     Neutral to bearish

Resistance 1:         94.43-60 August 28 swing low, 100-day SMA
Resistance 2:         94.91 July 27 high  
Resistance 3:         95.00 figure
Resistance 4:         95.24 July 13 high
Resistance 5:         95.52 August 6 high
Resistance 6:         95.65 July 19 high

Support 1:               93.71 July 9 swing low
Support 2:               93.17 June 14 swing low
Support 3:               92.24 May 14 swing low