US Dollar Index Technical Analysis: The greenback could drop further and test the 97.00 neighbourhood

• DXY breached the 55-day SMA on Monday and accelerated the downside to print new 3-week lows.
• If the selling bias picks up pace, the next stop aligns at monthly lows at 97.03 (May 13) ahead of the 100-day SMA at 96.94, .
• In the meantime, the constructive stance on the index is expected to remain unchanged above the key 200-day SMA at 96.45 and the 8-month support line at 96.46.

DXY daily chart