USD Index Price Analysis: No changes to the range bound trade
- DXY comes under further downside pressure and confronts 106.00.
- The lower end of the range appears near 105.40.
DXY drops for the third session in a row and puts the 106.00 support to the test on Tuesday.
So far, extra side-lined trade looks the most likely scenario for the index for the time being. The breakout of this theme exposes a potential move to the weekly top at 106.89 (October 26), prior to the round level at 107.00 and just ahead of the 2023 high of 107.34 (October 3).
Further weakness, on the other hand, could leave the index vulnerable to a probable drop to the October low of 105.36 (October 24).
So far, while above the key 200-day SMA, today at 103.43, the outlook for the index is expected to remain constructive.
DXY daily chart
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