USD Index Price Analysis: Another drop to 104.00 remains in store

Pablo Piovano FXStreet

- DXY adds to Wednesday’s recovery and revisits the mid-104.00s.

- The resumption of the selling pressure initially targets 103.98.

DXY manages to pick up extra pace and extends further the bounce off multi-week lows around 104.00 on Thursday.

In case bears regain the upper hand, the breakdown of the November low of 103.98 (November 14-15) should pave the way for a quick test of the critical 200-day SMA at 103.61 prior to the weekly low of 102.96 (August 30).

In the meantime, 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	104.4
Today Daily Change	25
Today Daily Change %	0.00
Today daily open	104.4

Trends
Daily SMA20	105.85
Daily SMA50	105.85
Daily SMA100	104.18
Daily SMA200	103.62

Levels
Previous Daily High	104.51
Previous Daily Low	103.99
Previous Weekly High	106.01
Previous Weekly Low	104.85
Previous Monthly High	107.35
Previous Monthly Low	105.35
Daily Fibonacci 38.2%	104.31
Daily Fibonacci 61.8%	104.19
Daily Pivot Point S1	104.09
Daily Pivot Point S2	103.78
Daily Pivot Point S3	103.57
Daily Pivot Point R1	104.61
Daily Pivot Point R2	104.82
Daily Pivot Point R3	105.13

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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