US Dollar Index Price Analysis: Further pullbacks could visit the 200-day SMA

• DXY stays under pressure below the 92.00 yardstick.
• There is scope for a deeper move to the 91.50 area.

DXY remains unable to gather serious upside traction so far on Wednesday and remains on the defensive in the sub-92.00 zone.

The better tone in the risk-associated universe as investors digested the FOMC event coupled with muted activity in US yields sponsored a leg lower in the dollar.

If the selling impulse picks up further pace, then another visit to the critical 200-day SMA, today at 91.51, should not be ruled out.

In the meantime, and looking at the broader scenario, a sustainable breakout of the 200-day SMA, today at 91.50, should shift the outlook for the buck to positive.

DXY daily chart