US Dollar Index Price Analysis: Room for a drop to 91.74 near-term

• DXY keeps flirting with the 8.0month support line around 92.00.
• Immediately to the downside emerges the YTD lows at 91.74.

DXY remains unable to gather serious traction and stays well on the defensive around 92.00 for yet another session on Friday.

The view of the index remains negative and opens the door to a deeper pullback in the short-term horizon. Against this, the 2020 low at 91.74 (September 1) emerges as the next target of note ahead of the April 2018 lows near 89.20.

In the near-term, the selling pressure is seen mitigating somewhat above weekly highs at 93.20 (November 11). However, as long as DXY trades below the 200-day SMA, today at 96.02, the offered stance is forecast to persist.

DXY daily chart