- February 15, 2021
- Posted by: Analysis Team
- Category: Forex News
- DXY resumes the downside and flirts once again with the 90.30 area.
- A breach of this level exposes the 90.00 mark ahead of 89.20.
DXY starts the week on a soft note and returns to the 90.30 zone, where is located the recent contention area, reinforced at the same time by the 2020-2021 support line.
A sustainable break below this area should open the door to a potential visit to the weekly lows around 90.00 (January 22) in the short-term. Below this psychological level is located the 2021 lows around 89.20 ahead of the March 2018 low at 88.94.
In the meantime, occasional bouts of upside pressure in the dollar are seen as corrective only and in the longer run, as long as DXY trades below the 200-day SMA (93.55), the bearish stance is expected to persist.
DXY DAILY CHART