US Dollar Index Technical Analysis: Further downside expected to hold around 97.60, the 200-day SMA

• DXY continues to correct lower after breaching the 98.00 support.
• The 200-day SMA in the 97.60 region emerges as key contention area.

DXY is extending its retracement after failing to surpass the 98.50 region on a convincing fashion in past sessions.

Key support area emerges at the 200-day SMA near 97.60. A breakdown of this region should put October/November lows near 97.00 the figure back on the radar.

In case bulls regain control, the 98.50 region is expected to come back into focus.