US Dollar Index Price Analysis: Next on the downside comes 103.41
|- DXY extends the downside pressure and pierces 104.00.
- The next support comes at the 103.40 region.
DXY adds to the negative start of the week and briefly visits the area below the 104.00 support on Tuesday.
Considering the ongoing price action, further correction should not be ruled out in the short-term time frame. That said, another visit to the post-FOMC low at 103.41 (June 16) is expected to remain on the cards in the near term ahead of the interim 55-day SMA at 102.53.
As long as the 4-month line around 101.85 holds the downside, the near-term outlook for the index should remain constructive.
Looking at the longer run, the outlook for the dollar is seen bullish while above the 200-day SMA at 97.67.
DXY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.