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- US Dollar Index Price Analysis: DXY pulls back from 100-SMA, focus on weekly support
US Dollar Index Price Analysis: DXY pulls back from 100-SMA, focus on weekly support
- DXY snaps two-day uptrend, pressured around intraday low of late.
- Sluggish RSI, failures to cross 100-SMA favor direct sellers toward short-term support line.
- 200-SMA, monthly low add to the downside filters.
US Dollar Index (DXY) remains pressured around 93.90, keeping the previous day’s U-turn from the weekly top. In doing so, the greenback gauge declines for the first time in three days while stepping back from the 100-SMA.
Given the RSI line showing a lack of buying momentum, the latest weakness is likely targeting the weekly support line, near 93.82 by the press time.
However, 200-SMA and the monthly low, respectively around 93.60 and 93.48, will challenge the DXY bears afterward.
Meanwhile, an upside clearance of the immediate SMA hurdle close to the 94.00 threshold will aim for the October 18 peak surrounding 94.20.
In a case where the US Dollar Index remains firmer past 94.20, the monthly high of 94.56 should lure the bulls.
DXY: Four-hour chart
Trend: Pullback expected
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