US Dollar Index Price Analysis: Rising odds for a visit to the 2020 low at 91.74

• DXY loses further ground and drops to the 92.00 region.
• Further downside remains likely with the next target near 91.70.

DXY resumes the downside on Monday and looks to breach the 8-month support line following marginal gains on Friday.

The outlook on the dollar remains negative and therefore further declines are likely in the near-term. That said, the next target of relevance comes in at the 2020 low at 91.74 (September 1) ahead of May 2018 lows near 91.80.

In the near-term, the selling pressure is seen mitigating somewhat above weekly highs at 93.20 (November 11). However, as long as DXY trades below the 200-day SMA, today at 96.17, the negative view is forecast to persist.

DXY daily chart