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- US Dollar Index Price Analysis: DXY bulls have a bumpy road to return
US Dollar Index Price Analysis: DXY bulls have a bumpy road to return
- DXY pauses after two-day pullback from monthly high.
- Weekly horizontal support restricts immediate declines, previous support from November 30 will test the recovery.
- Sluggish Momentum line, multiple resistances challenge short-term moves.
US Dollar Index (DXY) picks up bids to 96.00, consolidating weekly losses during early Friday. In doing so, the greenback gauge keeps a bounce off one-week-old horizontal support amid the sluggish Momentum line.
It should, however, be noted that a two-week-old support-turned-resistance and 50-HMA restricts short-term DXY rebound, respectively around 96.20 and 96.35 at the latest.
Should the quote rises past 96.35, the 96.60 level may offer an intermediate halt during the run-up to challenge the 97.00 threshold.
The recent highs near 96.91 and November’s peak of 96.94 may act as extra filters to the north.
Alternatively, a downside break of the stated horizontal support line near 95.85 will direct DXY sellers toward the November-end swing low near 95.55, a break of which will highlight November 18 bottom of 95.51.
In a case where DXY sellers dominate past 95.51, a south-run towards October’s peak of 94.56 can’t be ruled out.
DXY: Hourly chart
Trend: Further weakness expected
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