DXY Slips Below Key Support as Bearish Bias Persists

The US Dollar Index (DXY) has been losing ground for four consecutive days, currently trading around 98.70 during European hours on Thursday.

This bearish trend is confirmed by the DXY remaining below both its nine- and 50-period Exponential Moving Averages (EMAs), indicating that rallies are being capped by nearby resistance.

Furthermore, the 14-day Relative Strength Index (RSI) of around 37 suggests lingering downside pressure rather than an immediate oversold rebound.

The DXY is also trading within a descending channel pattern on its daily chart, reinforcing the bearish reversal.