US Dollar Index Price Analysis: Monthly tops around 94.00 caps the upside

  • DXY struggles to extend gains further north of 93.70 on Tuesday.
  • The 94.00 area keeps limiting occasional bullish attempts.

DXY met some resistance in the 93.70 region so far this week, reversing gains seen in the last couple of sessions.

In case sellers return to the market, immediate contention is expected to emerge at YTD lows in the mid-92.00s ahead of the Fibo level (of the 2017-2018 drop) at 91.92, If this level is cleared, the the May 2018 low at 91.80 should turn up in the radar.

The negative outlook on the dollar is expected to remain unaltered while below the 200-day SMA, today at 97.87.

DXY daily chart

 

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