US Dollar Index Price Analysis: Downside looks supported around 94.50

• DXY extends further the rejection from YTD highs.
• The mid-94.00s should offer decent support near term.

DXY drops for the second session in a row and challenges 2-day lows in the 95.00 neighbourhood on Monday.

If the corrective decline intensifies, then the index is expected to meet quite firm contention in the 94.50 region, where October peaks and the 10-day SMA converge.

Looking at the broader picture, the constructive stance on the index is seen intact above the 200-day SMA at 92.15.

DXY daily chart