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7 Sep 2020
US Dollar Index Price Analysis: Immediate target is located at 93.50
- DXY looks to extend the bounce further north of the 93.00 mark.
- Further gains are on the table and face initial hurdle around 93.50.
DXY is struggling to lift the greenback further north of the 93.00 barrier at the beginning of the week, although it manages well to keep the bid bias unchanged so far.
That said, the ongoing recovery carries the potential to extend further and faces interim resistance at the weekly tops near 93.50 (August 21) ahead of the more significant hurdle in the 94.00 neighbourhood.
The offered stance in the dollar is expected to remain unchanged while below the 200-day SMA, today at 97.37. A deeper pullback to the April 2018 low at 89.23 and the March 2018 low at 88.94 is not favoured in the very near-term.
DXY daily chart
