US Dollar Index Price Analysis: Further downside could test 2020 lows near 94.60

• DXY remains under heavy pressure below the 96.00 yardstick.
• A deeper pullback exposes the YTD lows in the 94.65/60 band.

DXY has resumed the downside at the beginning of the week, adding to last week’s losses and already flirting with the key contention area in the 95.80/70 band.

Further retracement are increasingly likely, leaving the door wide open for a probable move and test of the yearly lows near 94.60 recorded in early March.

The negative outlook on the dollar is expected to remain unaltered while below the 200-day SMA, today at 98.19.

DXY daily chart