US Dollar Index Price Analysis: Pullback could extend to 93.50

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  • DXY recedes further and breaches the 94.00 support.
  • There is expected to emerge decent contention in the mid-93.00s.

DXY loses the grip further and drops to new multi-day lows in the vicinity of 93.70 on Thursday.

So far, the continuation of this corrective decline could extend further in the near term. That said, the is a decent contention area near 93.50, where is located the pre-FOMC high (September 22). Further south from here comes the 55-day SMA just above 93.00 the figure.

Looking at the broader picture, the constructive stance on the index is seen unchanged above the 200-day SMA at 91.76.

DXY daily chart