US Dollar Index Price Analysis: DXY bulls firmly hold 92.00 mark

• DXY continues to consolidate near the 92.00 mark for the past four sessions.
• A sustained break of the ascending trendline confirms more downside.
• Momentum oscillator also favors the downside momentum.

US Dollar Index loses momentum in the early European session on Wednesday. As of writing, DXY is trading at 91.98, down 0.07% for the day.

DXY daily chart

On the daily chart, DXY has been consolidating near the 92.00 mark for the past four sessions. The ascending trendline from the lows of 89.66 acts as a defensive for the bulls.

A sustained break of the bullish sloping line would result in more downside movement. The first downside target in line is placed at the 91.75 horizontal support level.

The Moving Average Convergence Divergence (MACD) indicator holds in the overbought zone with a bearish cross over. Any downtick in the MACD would intensify the selling opportunity toward the low of June 25 at 91.52.

Bears would further be encouraged to test the 91.25 horizontal support level.

Alternatively, If it reverses the direction, then the first upside target is located at the 92.25 horizontal resistance level.

 A move toward the 20-day Simple Moving Average (SMA) at 92.48 will further strengthen the upside outlook.

Next, the market participant would like to aim for the July 27 high of 92.75.

DXY additional levels