US Dollar Index Price Analysis: Extra decline targets the 92.50 area

• DXY losses the 93.00 support amidst renewed and strong selling pressure.
• The October’s low in the mid-92.00s emerges as the next support of note.

DXY intensifies the downside and flirts with the key 6-month support line in the 92.90/80 region on Thursday.

Increasing market optimism on a Biden win is bolstering the sentiment in the risk complex and puts the greenback under extra pressure. That said, a deeper pullback in DXY could re-test the October lows in the 92.50 area in the short-term horizon.

As long as the index trades below the 200-day SMA, today at 96.53, the negative view is forecasted to persist.

DXY daily chart