US Dollar Index Price Forecast: Bears Hold Near 99.00 Amid Downtrend

US Dollar Index Price Forecast: Hovers Around 99.00 with Persistent Bearish Bias

The US Dollar Index (DXY), which measures the value of the US Dollar against six major currencies, is trading around 98.80 during Tuesday's Asian session, showing signs of a persistent bearish bias.

On the daily chart, the index is moving within a descending channel, with immediate support located at the lower border around 98.70. Technical indicators, including the 14-day Relative Strength Index (RSI), remain below the 50 level, confirming continued bearish momentum. Additionally, the DXY is trading below the nine-day Exponential Moving Average (EMA) at 99.68, indicating weak short-term momentum.

Resistance levels include the nine-day EMA at 99.68 and the upper border of the descending channel near 100.00. Should the index break below the channel support at 98.70, it could accelerate the downside pressure, potentially pushing the DXY toward the next support level at 97.91.

Traders are advised to monitor the lower channel boundary closely, as a decisive break could signal further US Dollar weakness in the near term.