USD Index Price Analysis: A deeper pullback looks likely below 103.00

DXY looks offered and revisits the 103.00 region pre-Fed.
The loss of 103.00 could spark a deeper correction near term.

Pablo Piovano FXStreet

DXY extends the weekly leg lower and retests the 103.00 neighbourhood, where some decent contention appears to have emerged so far.

The bearish mood appears unabated for the time being. Against that, there is a minor support at the weekly low at 102.58 (February 14), while the loss of this region could spark further losses to the 2023 low near 101.80 (February 2).

Looking at the broader picture, while below the 200-day SMA, today at 106.61, the outlook for the index is expected to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	103.17
Today Daily Change	29
Today Daily Change %	-0.05
Today daily open	103.22

Trends
Daily SMA20	104.51
Daily SMA50	103.45
Daily SMA100	104.31
Daily SMA200	106.82

Levels
Previous Daily High	103.52
Previous Daily Low	103
Previous Weekly High	105.11
Previous Weekly Low	103.44
Previous Monthly High	105.36
Previous Monthly Low	100.81
Daily Fibonacci 38.2%	103.2
Daily Fibonacci 61.8%	103.32
Daily Pivot Point S1	102.98
Daily Pivot Point S2	102.73
Daily Pivot Point S3	102.46
Daily Pivot Point R1	103.49
Daily Pivot Point R2	103.76
Daily Pivot Point R3	104.01

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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