US Dollar Index Price Analysis: DXY bulls remain hopeful beyond 92.60

• DXY snaps two-day uptrend while easing from a one-week high.
• 21-DMA, ascending trend line from early June offers strong support amid bullish MACD.

US Dollar Index (DXY) bounces off intraday low but remains down on a day around 93.11, printing the first daily loss in a week, amid Wednesday’s Asian session.

The DXY jumped the most in one week on Tuesday while bouncing off 21-DMA amid bullish MACD signals.

The upside momentum, however, gets challenged by a double-top formation near 93.20.

Hence, sustained trading beyond the key short-term moving average and support line joins the MACD signals to favor the DXY bulls but a clear upside break of 93.20 becomes necessary to witness the further advances.

Should the quote offers a daily closing beyond 93.20, March’s top near 93.45, also the yearly high, will challenge the US Dollar Index buyers before directing them to the 94.00 threshold and November 2020 high around 94.25.

Alternatively, a pullback move will flirt with the 93.00 round figure before declining to a convergence of the stated DMA and trend line support, around 92.60.

However, a daily closing below 92.60 will not hesitate to challenge July’s low near 91.80.

DXY: Daily chart

Trend: Bullish