USD Index Price Analysis: A drop to 104.40 emerges on the horizon

DXY extends the weekly retracement below 105.00.
Further south comes the weekly low near 104.40.

Pablo Piovano FXStreet

DXY has been shedding ground for the last three sessions and has opened the door to extra losses in the near term.

In case the corrective decline picks up further pace, the index could extend the drop to, initially, the weekly low of 104.42 (September 11). A sustained pullback below the latter could prompt the index to embark on a potential test of the critical 200-day SMA, today at 103.03.

While above the key 200-day SMA, the outlook for the index is expected to remain constructive.

DXY daily chart

Dollar Index Spot

Overview
Today last price	104.96
Today Daily Change	39
Today Daily Change %	-0.11
Today daily open	105.08

Trends
Daily SMA20	104.36
Daily SMA50	102.84
Daily SMA100	102.89
Daily SMA200	103.03

Levels
Previous Daily High	105.36
Previous Daily Low	105.02
Previous Weekly High	105.44
Previous Weekly Low	104.42
Previous Monthly High	104.44
Previous Monthly Low	101.74
Daily Fibonacci 38.2%	105.15
Daily Fibonacci 61.8%	105.23
Daily Pivot Point S1	104.95
Daily Pivot Point S2	104.82
Daily Pivot Point S3	104.62
Daily Pivot Point R1	105.28
Daily Pivot Point R2	105.49
Daily Pivot Point R3	105.62

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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