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US Dollar Index Price Analysis: DXY remains pressured towards 96.00
Abstract：US Dollar Index (DXY) remains on the back foot around 96.10, down 0.06% intraday, during early Monday.
DXY fades bounce off monthly support line below 21-DMA.
Downbeat Momentum, sustained break of two-month-old previous support line favor sellers.
Two-week-old descending trend line adds to the upside filters.
US Dollar Index (DXY) remains on the back foot around 96.10, down 0.06% intraday, during early Monday.
The greenback gauge bounced off a one-week low the previous day while taking a U-turn from an upward sloping support line from November 30. However, the rebound couldnt cross the immediate upside hurdle, namely the 21-DMA, which in turn joins the downbeat Momentum line to keep bears hopeful.
Adding to the bearish bias is the DXYs sustained trading below the support-turned-resistance line from late October, as well as a descending trend line from December 15.
That said, a well understanding downside break of the immediate support line, near 96.00, becomes necessary for the US Dollar Index bears before eyeing the 38.2% Fibonacci retracement of October-November upside, near 95.53.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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