US dollar index (DXY) pulls back from 92.67 to 92.80 during the initial hour of Tokyo open on Friday. The greenback gauge portrayed a gap-down opening from 92.92 to drop to the lowest since May 15, 2018.
Considering the index weakness below 61.8% Fibonacci retracement of its broad run-up from February 2018 to March 20120, coupled with bearish MACD, the sellers are likely to dominate for a while.
In doing so, January and March 2018 tops surrounding 91.00 will become their favorites. However, January 01, 2018 low near 92.20 might offer an intermediate halt during the south-run.
Alternatively, 93.50 might offer immediate resistance to the quote ahead of pushing it towards a 61.8% Fibonacci retracement level of 93.90.
It should, however, be noted that any further rise past-93.90 will need validation from 94.00 to lure the bulls to target March 2020 low near 95.70.
DXY daily chart
Reprinted from fxstreet, the copyright all reserved by the original author.
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