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25 Jul 2022
US Dollar Index Price Analysis: Next on the downside comes 105.80
- DXY remains under pressure in the lower end of the range.
- Further weakness could see the post-FOMC top at 105.80 retested.
DXY extends the bearish mood and revisits the low-106.00s, where some initial support appears to have turned up so far on Monday.
Considering the ongoing price action, a break below the 106.00 zone should not be ruled out in the short-term horizon. Against that, the index carries the potential to drop further and retest the post-FOMC peak at 105.78 (June 15).
Despite the ongoing downside, the near-term outlook for DXY is seen constructive while above the 5-month support line near 103.60.
In addition, the broader bullish view remains in place while above the 200-day SMA at 99.18.
DXY daily chart
