US Dollar Index Price Analysis: Bearish trend picks up pace

• DXY breached the 94.00 mark and clinched new YTD lows near 93.80.
• Further south there are support levels at 93.81 and 93.71.

The sell-off in DXY has reached fresh 22-month lows in the 93.85/80 band earlier in the session, leaving the prospects of further losses unchanged in the short-term.

In fact, further downside is increasingly likely in the current context, allowing for a probable move and test of the September 2018 lows at 93.81 ahead of July 2018 lows near 93.70.

The negative outlook on the dollar is expected to remain unaltered while below the 200-day SMA, today at 98.11.

DXY weekly chart