- The DXY fades Monday’s rally and retreats below the 93.00 level.
- The 93.30 area offers interim resistance in the short term.
The US Dollar Index (DXY) resumes falling following Monday’s positive price action and comes under renewed downward pressure after failing to sustain above 93.00.
Meanwhile, it appears that occasional bullish attempts remain limited by the 93.30 region, where the 55-day SMA and the six-month resistance line converge. If this area is exceeded, it should open the door to a visit to last week’s highs around 93.90 (high of October 15).
As long as it continues below the 200 day SMA today at 96.68, the negative view on the dollar is expected to persist.
DXY day chart
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Credits: Forex Street
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