US Dollar Index Price Analysis: Next on the downside comes the 200-day SMA

• DXY has extended the correction lower to the vicinity of 99.00.
• The immediate target of note is the 200-day SMA near 98.20.

DXY charted an inconclusive performance on Monday, leaving the attention to the downside in the very near term.

If sellers push harder, then the 55-day SMA just below 99.00 the figure is expected to offer decent contention. Further south emerges the more relevant support at the key 200-day SMA, today at 98.17. This area of contention is reinforced by the late-March lows in the 98.30/25 band.

On the broader picture, the positive view on the buck is seen unchallenged while above the 200-day SMA.

DXY daily chart