US Dollar Index Price Analysis: Still room for further retracement

• DXY rebounds from Friday’s lows near 91.90.
• A drop to the 91.80/75 band still remains on the cards.

DXY recorded new multi-week lows in the sub-92.00 area in the wake of the discouraging Nonfarm Payrolls last Friday.

In spite of Monday’s rebound, the dollar is predicted to stay under pressure on Fed’s tapering dynamics. That said, another dip below the 92.00 support could extend to the 91.80/75 band in the near term, where sits the July/August lows.

In the meantime, and looking at the broader scenario, the constructive stance on the dollar is seen unchanged while bove the 200-day SMA, today at 91.33.

DXY daily chart