- DXY’s rally hit shaky ground at 90.70 on Monday.
- Next upside target is seen at the 91.00 area.
After hitting multi year lows of 89.20 last week, the dollar managed to pick up and regain some traction higher taking the index to 90.70 on Monday.
Despite the move higher, the outlook for the US Dollar remains fragile. Further losses could still challenge the 89.00 support prior to the March 2018 low at 88.94.
If the move higher gains momentum DXY could move to 91.00, the weekly high.
DXY trades below the 200-day SMA, today at 94.65 so the negative outlook prevails.