US Dollar Index Asia Price Forecast: DXY attempts to stabilize above 99.00 figure

 

 

 

The US Dollar Index (DXY) is trading near the May’s lows below the 50 SMA on the daily chart after recording its worst daily decline in 5 weeks this Monday.  

 

 

DXY is entering a range just above the 99.00 figure while trading below the 100.00 mark and the main SMAs. While the market is trying to stabilize, it remains to be seen if DXY in the short-term can regain the 99.60 and 100.00 resistances. On the other hand, a daily close below the 99.00 figure would be seen as bearish with the potential for further declines towards the 98.80 and 98.40 levels in the medium-term.