US Dollar Index Price Analysis: Potential Consolidation Very Near-Term

DXY trades unconvincingly above the key 90.00 barrier amidst rising cautiousness ahead of the release of US inflation figures on Thursday.

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Image Source: Pixabay

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 91.60 the outlook for the buck is forecast to remain negative.

DXY daily chart

(Click on image to enlarge)

DOLLAR INDEX SPOT

 

Disclosure: Information on this article contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes ...

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