US Dollar Index Price Analysis: Upside target remains at 91.00
- DXY regains some composure and reverses the initial weakness.
- Interim hurdle lines up at the 91.00 neighbourhood.
DXY met buyers in the 90.30 region earlier on Wednesday and now resumes the upside to the 90.50/55 band.
Despite the ongoing rebound, the prospect for the greenback remains tilted to the bearish side. That said, a re-visit of the 90.00 yardstick should not surprise anyone in the short-term horizon. Below this psychological level is located the 2021 lows around 89.20 ahead of the March 2018 low at 88.94.
Immediately to the upside emerges the next target at the recent yearly peaks in the 91.00 region. The 55-day SMA, today ay 91.04, reinforces this resistance. Above this region, the selling pressure is forecast to mitigate somewhat.
The ongoing rebound is seen as corrective only and in the longer run, as long as DXY trades below the 200-day SMA, today at 94.37, the negative view is expected to persist.
DXY daily chart
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.