US Dollar Index Price Analysis: Gains limited by 94.70 so far

• DXY remains on the defensive and navigates lows near 93.60.
• The 55-day SMA emerges as a minor contention near 93.40.

DXY broke below the 94.00 support and opened the door to further decline in the short-term horizon.

That said, there is a minor support at 93.46, where sits the 55-day SMA. A deeper move could see the more relevant contention area around 92.70 retested.

While below the 200-day SMA, today at 97.03, the negative view on the dollar is expected to prevail.

DXY daily chart