US Dollar Index Price Analysis: A drop to 89.50 remains on the cards

DXY failed to extend the recent bullish attempt beyond 90.60.
The leg lower could re-test the May lows in the mid-89.00s.

Pablo Piovano FXStreet

DXY navigates without a clear direction in the lower bound of the recent range and following Friday’s post-NFP sell-off.

If the selling impulse picks up extra pace, then a re-test of the 90.00 mark should emerge on the horizon in the near-term. A breach of it should open the door to a deeper retracement to the May’s low near 89.50.

In the meantime, and looking at the broader scenario, while below the 200-day SMA, today at 91.61 the outlook for the buck is forecast to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	90.17
Today Daily Change	21
Today Daily Change %	0.04
Today daily open	90.13

Trends
Daily SMA20	90.11
Daily SMA50	91.05
Daily SMA100	91.06
Daily SMA200	91.62

Levels
Previous Daily High	90.63
Previous Daily Low	90.03
Previous Weekly High	90.63
Previous Weekly Low	89.66
Previous Monthly High	91.44
Previous Monthly Low	89.54
Daily Fibonacci 38.2%	90.26
Daily Fibonacci 61.8%	90.4
Daily Pivot Point S1	89.9
Daily Pivot Point S2	89.66
Daily Pivot Point S3	89.3
Daily Pivot Point R1	90.5
Daily Pivot Point R2	90.86
Daily Pivot Point R3	91.1

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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