US Dollar Index Price Analysis: DXY bulls seem to be tired near 93.50 resistance

• DXY struggles to extend two-day uptrend near six-week-old horizontal hurdle.
• Weekly resistance line, August high challenge buyers amid steady RSI.
• A convergence of 50% Fibonacci retracement, 200-SMA becomes the key support.

US Dollar Index (DXY) seesaws inside a 20-pip trading range above 93.30, recently edging higher around 93.45 amid Tuesday’s Asian session. In doing so, the greenback gauge dwindles after a two-day uptrend.

The reason could be linked to the steady RSI and a horizontal area established from August 18, near 93.50.

Also challenging the DXY bulls is a one-week-old rising trend line around 93.60, followed by August month’s high near 93.75.

In a case where the US Dollar Index rallies past 93.75, the November 2020 peak of 94.30 will be in focus.

Meanwhile, pullback moves will need to break a three-day-old support line near 93.30 to gain the market’s attention.

Following that, a confluence of 50% Fibonacci retracement of late August to early September fall and 200-SMA, near 92.85, will be crucial to watch.

DXY: Four-hour chart

Trend: Pullback expected