US Dollar Index Price Analysis: DXY bears attack immediate support lines around 94.00

• DXY stays depressed after stepping back from five-week high the previous day.
• Bearish MACD suggest further weakness towards the key SMA.
• Bulls can aim for September tops during fresh rise.

Having reversed from September 29 high the previous day, the US dollar index (DXY) remains pressured around 94.00 amid early Tuesday. In doing so, the greenback gauge versus the major currencies combats short-term support lines amid bearish MACD.

As a result, further weakness by the USD indicator can’t be ruled out. In doing so, 100-HMA and Friday’s low near 93.65 will become an immediate favorite of the sellers.

However, 200-HMA surrounding 93.25 and the 93.00 threshold can challenge the greenback bears afterward.

Meanwhile, fresh upside needs to cross Monday’s high of 94.28 to recall the DXY bulls, which in turn will aim for September month’s peak close to 94.75.

If at all the US dollar index manages to provide a daily closing past-94.75, the 95.00 round-figure and June month’s low of 95.71 will be in the spotlight.

DXY hourly chart

Trend: Further weakness expected