US Dollar Index Price Analysis: Prepare for a backtrack to 102.30
|- DXY meets buying interest around the 103.20 area midweek.
- Further downside could see the 102.30 region revisited.
DXY regains the smile following three consecutive daily pullbacks.
Despite the ongoing bounce, further retracements remain well on the cards and could now target the next support at 102.35 (May 5 low), where decent contention is expected to emerge.
Looking at the broader picture, the current bullish stance in the index remains supported by the 3-month line around 100.00, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 96.44.
DXY daily chart
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