- The US dollar index (DXY) experienced its worst daily decline since early April.
- DXY is testing significant support near the 99.60 level.
DXY daily chart
The US dollar index (DXY) fell on Monday, defying the 3-day lows and the 50 SMA on the daily chart.
Four-hour DXY graph
DXY started the trading week with a sharp drop below 100.00 and the major ADMs. The market is challenging the support level of 99.60 which was key in May. The bulls could try to raise the market and find the level of 100.00. However, a clear break below the 99.60 level may cause further drop and fall to the 99.30 and 98.90 levels.