US Dollar Index Price Analysis: Further recovery likely above 93.50

• The downside pressure in DXY remains unable to breach 93.50.
• Extra recovery looks on the cards above the mid-93.00s.

DXY stays under pressure but manages to hold on pretty well above the 93.50 level for the time being.

If sellers cannot drag the index further south of recent low at 93.50 in the near term, then the rebound in DXY could gather extra steam and challenge, initially, the 94.00 zone, where the 10- and 20-day SMAs coincide so far. Further up, there are no hurdles of note until the 2021 high at 94.56 (October 12).

Looking at the broader picture, the constructive stance on the index is seen unchanged above the 200-day SMA at 91.85.

DXY daily chart