US Dollar Index Price Analysis: DXY remains pressured towards 96.00

• DXY fades bounce off monthly support line below 21-DMA.

• Downbeat Momentum, sustained break of two-month-old previous support line favor sellers.

• Two-week-old descending trend line adds to the upside filters.

  

US Dollar Index (DXY) remains on the back foot around 96.10, down 0.06% intraday, during early Monday.

The greenback gauge bounced off a one-week low the previous day while taking a U-turn from an upward sloping support line from November 30. However, the rebound couldnt cross the immediate upside hurdle, namely the 21-DMA, which in turn joins the downbeat Momentum line to keep bears hopeful.

Adding to the bearish bias is the DXYs sustained trading below the support-turned-resistance line from late October, as well as a descending trend line from December 15.

That said, a well understanding downside break of the immediate support line, near 96.00, becomes necessary for the US Dollar Index bears before eyeing the 38.2% Fibonacci retracement of October-November upside, near 95.53.