US Dollar Index Price Analysis: 94.00 becomes a tough nut to crack for DXY bulls

• DXY grinds higher following its bounce off three-week low.
• Short-term moving averages, seven-week-old previous support line probe upside amid bearish MACD signals.

US Dollar Index (DXY) bulls pause around 93.75 after the strongest up-move in over a week. That being said, the greenback gauge seesaws in a choppy range, following its U-turn from the monthly low, by the press time of Friday’s Asian session.

Although monthly horizontal support triggered the DXY rebound, a confluence of 10-DMA and 21-DMA, as well as the support-turned-resistance line from early September, offer a strong resistance around the 94.00 threshold.

Also challenging the upside momentum are the bearish MACD signals and 23.6% Fibonacci retracement level (Fibo.) of September-October advances.

Hence, US Dollar Index buyers need validation from the 94.00 round figure for conviction, a break of which will challenge the monthly peak of 94.56.

Alternatively, a downside break of the stated horizontal support near 93.50 won’t hesitate to recall the DXY sellers targeting 61.8% Fibo. near 92.95. It’s worth noting that the 93.00 round figure may add strength to the stated support.

US Dollar Index: Daily chart

Trend: Pullback expected