DXY Technical Analysis: Under pressure near term. Attention shifted to the short-term support line

• The persistent selling bias around the greenback has motivated the US Dollar Index to drop further, threatening at the same time the key short-term support line, today around 94.20. This area of contention is reinforced by a retracement of the 2017/2018 drop at 94.20.
• A break below the short-term support line off June’s low should open the door for a continuation of the down move to, initially, 94.08 (low July 26) seconded by 93.71 (July’s low).
• While above the support line, the constructive bias remains unchanged, although it should test and surpass the 94.90 level to allow for extra upside.

DXY daily chart

Daily high: 94.46

Daily low: 94.19

Support Levels

S1: 94.16

S2: 93.96

S3: 93.66

Resistance Levels

R1: 94.66

R2: 94.96

R3: 95.16