US Dollar Index Price Analysis: Correction lower could visit the 95.00 zone
- DXY adds to the rejection from recent new cycle tops.
- The 95.00 neighbourhood seen holding the downside.
DXY retreats for the second session in a row and returns to the sub-96.00 area on Thursday.
A deeper knee-jerk looks plausible in light of the recent strong advance. There is a temporary support at the 10-day SMA at 95.03 which reinforces the weekly low at 94.96 (November 15). This area is forecast to initially hold further bearish attempts in the near term.
Looking at the broader picture, the constructive stance on the index is seen intact above the 200-day SMA at 92.24.
DXY daily chart
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