OctaFX | OctaFX Forex Broker
Open trading account
Back

US Dollar Index Price Analysis: Further weakness aligns below the 200-day SMA

  • DXY extends the leg lower well below the 98.00 level, or 7-week lows.
  • While the 200-day SMA at 97.83 caps the upside, further losses are likely.

DXY is alternating gains with losses on Tuesday, looking to reverse the heavy downside pressure seen in past sessions.

After breaking below some interim supports at Fibo retracements and the key 200-day SMA, the index has now opened the door to a deeper decline.

That said, a move to the December 2019 low at 96.36 should not be ruled out, particularly against the current backdrop of rising speculations of a coordinated measure to battle the COVID-19 impact on the economy.

DXY daily chart

 

USD/JPY faces some choppy trading in the near-term – UOB

While further pullbacks are not ruled out, USD/JPY is seen attempting to consolidate in the short-term horizon, noted FX Strategists at UOB Group. Key
Read more Previous

NZD/USD: Scope for a drop to 0.6140 – UOB

FX Strategists at UOB Group do not rule out a deeper drop in NZD/USD to the 0.6140 area in the next weeks. Key Quotes 24-hour view: “Our expectation f
Read more Next
Start livechat