USD Index Price Analysis: Further losses on the cards below 103.15
- The index extends the bounce in the second half of the week.
- The 3-month resistance line near 103.15 caps the upside.
DXY advances for the second consecutive session and challenges the key hurdle at the 102.00 mark on Friday.
Despite the rebound, the index remains well under pressure and a sustainable breach of the 101.50 level should accelerate losses to, initially, the May 2022 low around 101.30 (May 30) prior to the psychological 100.00 yardstick.
On the upside, the 3-month resistance line around 103.15 continues to limit occasional gains. Below this line, the dollar is expected to keep the short-term bearish bias unchanged.
In the longer run, while below the 200-day SMA at 106.47, the outlook for the index remains negative.
DXY daily chart