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US Dollar Index Price Analysis: Extra losses could extend to the 93.80 zone

  • DXY flirts with the 100-day SMA in the 94.60 region on Friday.
  • The next contention of note comes at the 93.80 area.

The selloff in the greenback remains unabated and drags DXY to fresh 2-month lows in the vicinity of 94.60 at the end of the week.

If the downside pressure accelerates, then the next contention should emerge around 93.80, when the Federal Reserve announced at its meeting the start of QE tapering. If this level is cleared, the next support is seen at October’s low at 93.27 (October 28 2021) before the critical 200-day SMA, today at 93.12.

Looking at the broader picture, the longer-term positive stance remains unchanged above the 200-day SMA.

DXY daily chart

 

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