USD index outlook: The dollar index falls to the lowest in nearly two years
US DOLLAR INDEX
The dollar index fell to the lowest since Sep 2018 on Monday, as rising tensions between the US and China sparked fresh selling. Bears broke through key Fibo support at 94.12 (Fibo 61.8% 2018/2020 ascend from 88.14 to 103.80) and cracked another strong support at 93.78 (top of thick monthly cloud). Bear-leg from 96.36 lower high extends into seventh straight day, with the action being weighed by July's massive bearish monthly candle. Targets at 93.40/18 (Sep/July/June 2018 higher base) come in focus, with break here to expose support at 91.83 (Fibo 76.4%) Daily and weekly technical studies in full bearish setup add to negative stance, with oversold conditions being so far ignored, but some corrective action should be anticipated in coming sessions. Falling 10DMA (95.31) and former low (95.68) mark solid barriers which should limit corrective upticks and keep larger bears intact.
Res: 94.12; 94.25; 94.76; 95.06
Sup: 93.76; 93.40; 93.18; 92.10
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