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US Dollar Index Price Analysis: Downside met support near 97.30

  • The sharp pullback in DXY met contention in the 97.30 region.
  • The next target is once again the 200-day SMA at 97.71.

DXY has managed to regain traction and bounce off Friday’s lows in the 97.35/30 band.

Immediately above emerges the critical 200-day SMA at 97.71. A sustainable breakout of this area is needed to reassert the constructive view on the dollar.

Further bearish attempts, however, should meet the next important support at 97.09 (weekly low January 16th) ahead of yearly lows in the 96.40/35 band.

DXY daily chart

 

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