US Dollar Index Price Analysis: Further consolidation not ruled out
- DXY extends the pessimism seen at the beginning of the week.
- Extra consolidation looks in the pipeline in the very near term.
DXY fades further the Monday’s advance to the vicinity of the key barrier at 93.00 the figure and returns to the mid-92.00s, coincident with the 10-day SMA.
In light of the recent price action, further consolidation should not be ruled out. That said, the immediate resistance is located at recent tops around 92.90, while the 92.30 region should hold the initial test on the downside.
In the meantime, and looking at the broader scenario, the constructive stance on the dollar is seen unchanged while bove the 200-day SMA, today at 91.38.
DXY daily chart
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