US Dollar Index Price Analysis: Rising bets for extra losses
- DXY accelerates the downside and breaks below 95.00, new 2020 lows.
- Further downside remains on the cards while below the 2019-2020 line.
DXY dropped further and recorded new 2020 lows in the 94.75/70 band earlier in the session, although it has managed to reclaim the 95.00 mark at the time of writing.
In the near-term, the negative view remains unaltered as long as the index navigates below the 2019-2020 resistance line in the 96.60 region.
Against this backdrop, the dollar risks a move to, initially, the Fibo retracement (of the 2017-2018 drop) at 94.20 ahead of the September 2018 low at 93.81.