US Dollar Index Price Analysis: DXY bounces off one week low after US presidential debate
- DXY refreshes intraday high to 93.95 following its drop to fresh low since September 22.
- Break of immediate resistance line, amid bullish MACD, favors short-term bulls.
- Three-day-old falling trend line, 200-bar SMA adds to the upside barriers.
- The early-month top, monthly support line lure sellers below 94.00.
US dollar index (DXY) takes the bids near 93.93, intraday high of 93.95, during early Wednesday. In doing so, the greenback gauge reverses the latest losses mainly backed by the US presidential debate between the two candidates, namely Donald Trump and Joe Biden.
Read: US Election Debate Wrap Up: Unimpressive event fails to save the day for the dollar bulls
The recent upside also clears the immediate resistance line, now support, while taking clues from the bullish MACD. As a result, the USD buyers should remain hopeful for recovery moves toward another falling trend line from September 25, at 94.05 now.
However, the quote’s further upside will be challenged by a 200-bar SMA level of 94.30 and the September 28 peak surrounding 94.45.
Alternatively, any fresh weakness by the US dollar index will have to decline below the previous resistance line, at 93.89 now, to refresh the weekly low of 93.79.
Following that, the September 09 high of 93.66 and an ascending trend line from the month’s start, currently around 93.25, will gain market attention.
DXY hourly chart
Trend: Further recovery expected