USD Index Price Analysis: A drop below 101.00 remains likely

DXY regains some buying interest and attempt a decent bounce.
Next on the downside appears the 101.00 region ahead of YTD lows.

Pablo Piovano FXStreet

DXY reverses three consecutive sessions with losses and rebound from daily lows near 101.20 on Tuesday.

The recent choppy performance in the index seems to have now refocused back on the downside. Against that, DXY could cling to this consolidative theme ahead of a probable drop to the 101.00 zone. The loss of the latter could expose a move to the so far 2023 lows near 100.80 (April 14).

Looking at the broader picture, while below the 200-day SMA, today at 106.15, the outlook for the index is expected to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	101.53
Today Daily Change	37
Today Daily Change %	0.19
Today daily open	101.34

Trends
Daily SMA20	101.94
Daily SMA50	103.27
Daily SMA100	103.34
Daily SMA200	106.25

Levels
Previous Daily High	101.91
Previous Daily Low	101.33
Previous Weekly High	102.23
Previous Weekly Low	101.53
Previous Monthly High	105.89
Previous Monthly Low	101.92
Daily Fibonacci 38.2%	101.55
Daily Fibonacci 61.8%	101.69
Daily Pivot Point S1	101.15
Daily Pivot Point S2	100.95
Daily Pivot Point S3	100.57
Daily Pivot Point R1	101.73
Daily Pivot Point R2	102.11
Daily Pivot Point R3	102.31

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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