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29 Jul 2021

US Dollar Index Price Analysis: Drop could extend to 91.50

  • DXY remains well on the defensive around 92.00.
  • Further selling could drag the index to the mid-91.00s.

DXY accelerates the weekly downtrend and puts the 92.00 support to the test.

Further decline looks favoured in the current context, with the next support coming in at the 91.50 region (June 23 low). This contention zone is reinforced by the proximity of the 100- and 50-day SMAs.

In the meantime, and looking at the broader scenario, the positive stance on the dollar is expected to remain unchanged as long as the index trades above the 200-day SMA, today at 91.34.

DXY daily chart

 

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