Technical analysis for the DXY dollar index is showing that the index reached a strong resistance around 93.00 and almost reached the second target of the daily bullish run at 1.618 FIB extension at 93.55, the price went as high as 93.43, and started a pullback on the 4H chart, which materialize as a breakdown on the 1H chart. The first target of this breakdown is at 1.272 FIB extension at 92.30, the second target is at 1.618 FIB extension at 92.10. However, before that, we need to see the index breaking below the support zone between 92.80-92.60.
On the other hand, if the DXY dollar index break above last week’s high, above 93.43, and 93.55, it will extend the bullish daily run toward the 0.386 FIB retracement of the last leg down on the monthly chart at 9450.
Daily chart:
Weekly chart:
