US Dollar Index Price Analysis: Scope for a test of the 97.30 zone (and below)

• DXY remains under heavy pressure well below 98.00.
• The door is now open for a potential move to the 97.30 area.

DXY dropped and tested new multi-month lows near 97.40, although it managed to get some attention soon afterwards.

Sellers remain in control and therefore further retracements stay well on the cards with the potential target at the 97.30 zone.

Further south emerges a major contention area at the 2019-2020 support line in the 97.00 neighbourhood.

DXY daily chart