- DXY pares Monday’s gains, slipping below 93.00.
- Resistance seen at 93.30
DXY resumes selloff after Monday’s rise. DXY is under pressure after failure to move beyond 93.00.
Any attempt to move higher is likely to be capped by 93.30 where the 55day SMA and the 6-month resistance line meet. A move beyond this area could open the door to last week’s high 93.90 (October 15).
While the DXY trades below the 200-day SMA, today at 96.68, the negative outlook on the dollar is expected to remain.