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1 Aug 2022
US Dollar Index Price Analysis: Further losses not ruled out
- DXY accelerates the corrective decline to the 105.30 zone.
- Immediate to the downside appears the 55-day SMA at 104.75.
DXY navigates the fourth consecutive session with losses and revisits the 105.30 region at the beginning of the week.
The index broke below the multi-session pre-FOMC consolidative theme and in doing so it has paved the way for extra decline in the short-term horizon. That said, the immediate support now turns up at the interim 55-day SMA at 104.75 ahead of the 5-month support line around 103.85.
The near-term outlook for DXY remains constructive while above this 5-month support line near 104.00.
In addition, the broader bullish view remains in place while above the 200-day SMA at 99.49.
DXY daily chart
