USD Index Price Analysis: Extra consolidation likely ahead of further losses
Abstract：The U.S. dollar index (USDX) swiftly vanish Wednesday’s uptick and refocuses on the downside amidst the continuation of the choppiness activity so far this week.
• DXY keeps the erratic mood and resumes the decline on Thursday.
• Next on the downside emerges the March low near 101.90.
The U.S. dollar index (USDX) swiftly vanish Wednesdays uptick and refocuses on the downside amidst the continuation of the choppiness activity so far this week.
Meanwhile, it seems the index could face some consolidative range amidst the prevailing bearish stance for the time being. That said, a drop below the monthly low at 101.91 (March 23) should open the door to a potential visit to the 2023 low around 100.80 (February 2).
Looking at the broader picture, while below the 200-day SMA, today at 106.56, the outlook for the index is expected to remain negative.
DXY daily chart
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