USD Index Price Analysis: Another drop to 104.00 remains in store
- DXY adds to Wednesday’s recovery and revisits the mid-104.00s.
- The resumption of the selling pressure initially targets 103.98.
DXY manages to pick up extra pace and extends further the bounce off multi-week lows around 104.00 on Thursday.
In case bears regain the upper hand, the breakdown of the November low of 103.98 (November 14-15) should pave the way for a quick test of the critical 200-day SMA at 103.61 prior to the weekly low of 102.96 (August 30).
In the meantime, while above the key 200-day SMA, the outlook for the index is expected to remain constructive.
DXY daily chart
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