The Swans midfielder badly hurt his ankle in a challenge with Norwich City’s Sebastien Bassong on the weekend which prompted fears of a fracture of break of some sort.
Left-back Taylor missed seven months with a broken ankle last season and says he is pleased that his teammate did not suffer the same fate after it was revealed Dyer had sustained ligament damage.
"It's not great when things like that happen,” he told Wales Online.
"Even though we weren't sure of the diagnosis it looked like it really was a bad one.
"He has been in great form and the side will miss him but how he is playing really doesn't matter when things like that happen because your first thoughts are with him and how it could happen to anyone – as I know myself.
"I certainly didn't enjoy it happening to someone else and it is in those moments that your thoughts on the game go out the window and it was great to hear it is not as bad as first feared or as everyone thought.
"It could have easily been a lot worse so we are thankful for that."
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