US Dollar Index Technical Analysis: The 55-day SMA at 97.80 holds the downside so far

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  • DXY has managed to bounce off Friday’s lows in the 97.90/85 band, where is located the 61.8% Fibo retracement of the 2017-2018 down move.
  • If the selling pressure intensifies, the decline should meet strong contention at 97.80, where today sits the key 55-day SMA. This area of support is also reinforced by the short-term support line around 97.70.
  • Looking at the broader picture, while above the critical 200-day SMA at 97.11, the constructive bias should remain unchanged.

DXY daily chart

 

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