To consolidate the previous day’s losses, DXY refreshes intraday tops.
Bears are challenged by the support of the 100-SMA and the monthly rising wedge.
The bulls are aiming for the 93.00 level, while the MACD is looking for recovery moves.
In early Thursday, the US dollar index (DXY) gains up bids to retest intraday highs near 92.48, up 0.11 percent on the day.
The dollar index fell to its lowest level in over a week the day before, but it was unable to extend its losses below the 50-day moving average.
Given the rally that has propelled the DXY above the short-term key moving average, the possibility of a weekly top around 92.85 cannot be ruled out.
Any further gains, however, will be checked around the 93.00 round figure by the upper line of a one-month-old rising wedge bearish chart pattern.
A downside breach of the 50-SMA at 92.40, on the other hand, will be met with resistance from the 92.20 important support level, a convergence of the 100-SMA, and the stated wedge’s lower line.
Should the DXY bears break through the 92.20 level, the June 25 low around 91.50 might provide an intermediate halt on the way to early June high near 90.65.
Bullish trend/n
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