DXY Short-Term Reversal Zone in Sight

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US Dollar Index (DXY) is approaching a strong support zone at 98.90–98.00, which has historically acted as a base for bullish reversals. The price is now testing the lower bound of this zone after a steady downtrend from the 101.94 high.

Key Technical Structure:
Support Zone: 98.90–98.00 (tested 3+ times)

Double Bottom Potential forming if bulls hold the zone

Upside Targets:

101.94: Key horizontal resistance

103.50: Swing high from early April

Scenarios to Watch:
🔹 Bullish Rebound:
Price bounces off 98.90–98.00 support

Confirmation: Break and close above 100.50 near-term resistance

Could fuel move back to 101.94, possibly 103.50

🔹 Bearish Breakdown:
Daily close below 98.00 would invalidate bullish setup

Opens downside to 97.00 and even 95.50

Macro Drivers to Watch:
FOMC speakers and interest rate guidance

US jobless claims or inflation surprise

Risk-off sentiment (benefits USD) vs. continued global risk appetite

Conclusion:
DXY is trading at a make-or-break support zone. Watch for clear bullish reaction or bearish breakdown before committing. The setup favors a bounce unless 98.00 fails.

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