US Dollar Index Price Analysis: A drop to 92.50 gathers pace

• DXY remains under pressure around the 92.70 area.
• The loss of further momentum could drag DXY to 92.50.

Sellers remain hovering around DXY, which trades within a narrow range in the 92.60/70 band following the Friday’s post-Powell moderate selloff.

If the selling bias gathers extra steam, then the index is seen re-visiting the mid-92.50s, where emerges some initial contention. This area of support is reinforced by the 55-day SMA at 92.46.

In the meantime, and looking at the broader scenario, the positive stance on the dollar is expected to remain unchanged as long as the index trades above the 200-day SMA, today at 91.32.

DXY daily chart