USD INDEX PRICE ANALYSIS: NEXT ON THE DOWNSIDE COMES 102.00
- DXY picks up pace and rebounds from three-month lows near 102.50.
- The next target emerges at the 200-day SMA near 103.60.
DXY leaves behind four consecutive sessions of losses and manages to regain some composure after bottoming out near 102.50 earlier on Wednesday.
While further weakness in the index remains on the cards in the very near term, occasional bullish attempts are expected to meet initial resistance around the key 200-day SMA, today at 103.59.
On the downside, the loss of the November low of 102.46 (November 29) should pave the way for a deeper drop to, initially, the round level at 102.00.
In the meantime, while below the key 200-day SMA, the outlook for the index is expected to remain bearish.
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