USD Index Price Analysis: Selling pressure unchanged below 102.30
|- The index fades the initial uptick to the 102.00 zone on Friday.
- The negative view persists while below the resistance line near 102.30.
The upside momentum in DXY falters just ahead of the key 102.00 barrier in pre-NFP trading at the end of the week.
In the near term, further losses appear in the pipeline while below the 3-month resistance line near 102.30. If the index manages to clear this region it could accelerate gains to the provisional 55-day SMA, today at 103.93.
Below this line, the dollar is expected to keep the short-term bearish bias unchanged and with the immediate target at the 2023 low at 100.80 (February 2).
In the longer run, while below the 200-day SMA at 106.44, the outlook for the index remains negative.
DXY daily chart
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