US Dollar Index technical analysis: DXY tumble as rate cuts might be coming soon

• The 10-year bond yields are at their lowest since September 2018.
• Fed's Bullard says that rate cut might be coming soon. This was seen as bearish for the dollar.

DXY daily chart

The US Dollar Index (DXY) is in a bull trend above its 100 and 200 simple moving averages (SMAs). This Monday DXY had another sharp drop. The bear drove the market below the 50 SMA.

DXY 4-hour chart

Bears will try to break below 97.00 swing low to reach 69.74 and 96.40 to the downside. Resistances are seen at 97.30 and 97.55.

Additional key levels