Dollar Index Price Analysis: Off 32-month lows, eyes oversold bounce

• The dollar index's intraday charts favor an oversold bounce. 
• The 50-hour SMA located at 90.12 could offer resistance.

The dollar index (DXY), which tracks the greenback's value against majors, is currently trading near 89.90, having hit a 32-month low of 89.73 on Thursday. 

The 15-minute and hourly charts show a bullish divergence of the Relative Strength Index (RSI). Meanwhile, the 4-hour chart RSI is hovering in oversold territory below 30.

As such, the index could jump to the descending 50-hour Simple Moving Average (SMA), currently at 90.12. A violation there would expose the hourly chart hurdle at 90.42. Alternatively, rejection at the 50-hour SMA would reinforce the broader bearish outlook and shift risk in favor of a drop to fresh multi-month lows. 

Hourly chart

Trend: Oversold bounce

Technical levels