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- USD Index Price Analysis: A drop to 109.50 remains on the cards
USD Index Price Analysis: A drop to 109.50 remains on the cards
- DXY manages to bounce off lows near the 110.00 mark.
- Further south appears the October low near 109.50.
DXY regains some balance following an earlier drop to new lows in the 110.00 zone on Tuesday.
Further weakness in the dollar should not be ruled out despite the current rebound. That said, the index is expected to face initial contention at the October low at 109.53 (October 27) prior to the 9-month support line just below 109.00.
The latter appears reinforced by the proximity of the 100-day SMA. Above this region, the dollar’s short-term stance should remain positive.
In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 104.59.
DXY daily chart
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