US Dollar Index Price Analysis: A drop to 91.80 remains on the table

• DXY stays depressed and trendless in the 92.20 zone.
• Disappointing NFP could drag the index to 91.80.

DXY recorded fresh multi-week lows around 92.15 earlier in the session, although it has managed to regain some pips since then.

The very near-term price action in the DXY largely (and exclusively) hinges on Friday’s results from August’s Payrolls. That said, lower-than-expected figures could put the dollar under further pressure and drag DXY to, initially, the interim support at 92.00 ahead of the 91.80/75 band, where sits the July/August lows.

In the meantime, and looking at the broader scenario, the positive stance on the dollar is expected to remain unchanged as long as the index trades above the 200-day SMA, today at 91.33.

DXY daily chart