US Dollar Index Price Analysis: The 55-day SMA offers initial contention

• DXY remains consolidative below the 94.00 yardstick.
• The 55-day SMA emerges as a minor support 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 contention area near 93.40, where sits the 55-day SMA. A deeper move could see the more relevant support zone around 92.70 revisited.

While below the 200-day SMA, today at 97.01, the negative view on the dollar is expected to prevail.

DXY daily chart