- DXY adds to the ongoing weakness well below the 92.00 level.
- Next on the downside emerges the 100-day SMA at 91.17.
The index easily broke below the 92.00 support and opened the door to further decline in the short-term horizon. It currently navigates the mid-91.00s, where also coincide the February peaks.
The continuation of the leg lower appears on the cards for the time being. That said, DXY faces a minor support at the 100-day SMA, today at 91.17 ahead of the more relevant contention area in the 91.00 neighbourhood.
A break above the 200-day SMA (92.82) should shift the outlook to constructive (from bearish) and allow for further gains.
DXY daily chart
This article was originally published by Fxstreet.com. Read the original article here.