US Dollar Index Price Analysis: A move to the 200-day SMA is not ruled out

• DXY is trading in multi-day lows and at shouting distance from 99.00.
• Further south emerges the key 200-day SMA at 98.33.

The decline in DXY appears to have met initial contention in the key 98.80 region on Thursday, matching monthly lows at the same time.

If the selling impetus gathers extra steam, then the next relevant support comes in at the 200-day SMA, today at 98.33. This support zone is also reinforced by the late-March lows in the 98.30/25 band.

In the broader picture, below the 200-day SMA the outlook is expected to deteriorate further and shift to a bearish stance.

DXY daily chart