USD Index Price Analysis: Decent support emerges around 101.50

The index rebounds after dropping to multi-month lows at 101.50.
The dollar’s negative outlook remains unchanged below 106.50.

Pablo Piovano FXStreet

DXY manages to regain some composure and bounces off earlier 8-month lows in the mid-101.00s on Thursday.

Despite the rebound, the index remains well under pressure and a sustainable breach of the 101.50 level should accelerate losses to, initially, the May 2022 low around 101.30 (May 30) prior to the psychological 100.00 yardstick.

On the upside, the so far weekly high at 102.89 (January 18) is expected to offer minor resistance.

In the meantime, while below the 200-day SMA at 106.47, the index is expected to risk extra losses.

DXY daily chart

Dollar Index Spot

Overview
Today last price	101.82
Today Daily Change	37
Today Daily Change %	0.18
Today daily open	101.64

Trends
Daily SMA20	103.01
Daily SMA50	104.17
Daily SMA100	107.26
Daily SMA200	106.76

Levels
Previous Daily High	102.12
Previous Daily Low	101.57
Previous Weekly High	102.9
Previous Weekly Low	101.51
Previous Monthly High	106.02
Previous Monthly Low	103.39
Daily Fibonacci 38.2%	101.78
Daily Fibonacci 61.8%	101.91
Daily Pivot Point S1	101.43
Daily Pivot Point S2	101.22
Daily Pivot Point S3	100.87
Daily Pivot Point R1	101.98
Daily Pivot Point R2	102.33
Daily Pivot Point R3	102.54

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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