Forex News

14:15:45 28-03-2023

USD Index Price Analysis: Extra pullbacks remain in the pipeline

  • DXY extends the decline further south of the 102.00 support.
  • The next support level of note emerges at the monthly low near 101.90.

DXY adds to Tuesday’s losses and approaches the 102.50 region on turnaround Tuesday.

If bulls fail to regain control of the sentiment – ideally in the very near term - the index could lose the grip and challenge recent lows in the sub-102.00 zone (March 23). Extra losses from here could put a visit to the 2023 low around 100.80 (February 2) back on the investors’ radar

Looking at the broader picture, while below the 200-day SMA, today at 106.58, the outlook for the index is expected to remain negative.

DXY daily chart


News provided by the portal FXStreet