US Dollar Index Price Forecast
The US Dollar Index (DXY) is extending its losses for the second consecutive day, trading around 98.60.
Technical analysis shows the dollar index testing the lower boundary of the ascending channel pattern, suggesting a potential shift in momentum from bullish to bearish.
- The short-term price momentum is weaker as the DXY moved below the nine-day Exponential Moving Average (EMA).
- The 14-day Relative Strength Index (RSI) is positioned at the 50 level, indicating a neutral market bias.
A successful break below the ascending channel around 98.50 would prompt the US Dollar Index to test the 50-day EMA at 98.36.
Further declines below this confluence support zone would open the doors for the DXY to navigate the region around 96.
Author's summary: US Dollar Index tests lower boundary.
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