US Dollar Index Price Analysis: Extra pullbacks seen testing 93.20

  • DXY reverses Tuesday’s uptick and resumes the downside.
  • The June 2018 low near 93.20 emerges as the next support of note.

The sell-off in the dollar has resumed its pace on Wednesday, quickly eroding gains recorded in the previous session and dragging DXY to the area of 2-year lows in the mid-93.00s.

In fact, further downside is increasingly likely in the current atmosphere, allowing for a probable move and test of the June 2018 lows near 93.20. Further south aligns the May 2018 low at 91.80.

The negative outlook on the dollar is expected to remain unaltered while below the 200-day SMA, today at 98.07.

DXY weekly chart

 

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