US Dollar Index Price Analysis: Minor support emerges at 92.30

• DXY regains the smile and the 92.50 region pre-FOMC.
• Extra decline could see 92.30 re-visited.

DXY leaves the recent weakness and manages to post decent gains in the 92.50/60 region on Wednesday.

Further rangebound around current levels is likely ahead of the key FOMC event later on Wednesday. On the upside, there is an interim hurdle at the monthly tops near 93.20 (July 21) ahead of the 2021 high in the mid-93.00s, while weekly lows in the 92.30 area (July 27) should offer interim support.

In the meantime, and looking at the broader scenario, the positive stance on the dollar is expected to remain unchanged as long as the index trades above the 200-day SMA, today at 91.35.

DXY daily chart