US Dollar Index Technical Analysis: The index remains under pressure. Further downside is not ruled out

• The greenback, measured by the US Dollar Index (DXY), remains under downside pressure below the 96.00 mark, where is located the key 100-day SMA. This immediate hurdle is reinforced by the key 10-day SMA around 96.19.

• In addition, DXY is eroding the short-term support line off October low, today at 95.92. A sustainable break below this line could spark a deeper leg lower which should meet initial support at 94.79 (October low).

• On the broader picture, the sideline theme prevailing since early November 2018 should remain in place for the time being, as investors wait for stronger catalysts to emerge.

DXY daily chart

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