US Dollar Index Price Analysis: Some near-term consolidation likely

• DXY resumes the downside and revisits the sub-96.00 area.
• Recent lows in the mid-95.00s offer decent contention.

DXY trades on the defensive and puts once again the 96.00 region to the test on Thursday.

The next significant support comes at 95.51 (November 18), which is also reinforced by the proximity of the 20-day SMA, today at 95.64.

In the meantime, while above the 2-month support line (off September’s low) near 94.50, extra gains in DXY remain well on the table. In addition, the broader constructive stance remains underpinned by the 200-day SMA at 92.53.

DXY daily chart