US Dollar Index Price Analysis: Further decline not ruled out

• DXY remains under pressure in lower end of the range.
• The loss of lows near 92.40 could spark a deeper move.

DXY alternates gains with losses in the lower bound of the weekly range, well below the 93.00 yardstick.

The index dropped and rebounded from new lows near 92.40 leaving this level as an interim support for the time being. Further south of the latter, the index could slip back to the 91.80/75 band, where sits the July/August lows.

In the meantime, and looking at the broader scenario, the positive stance on the dollar is expected to remain unchanged as long as the index trades above the 200-day SMA, today at 91.33.

DXY daily chart