USD Index Price Analysis: Extra losses look likely below 104.00

Pablo Piovano FXStreet

- DXY manages to regain some composure following Tuesday’s sell-off.

- Losses are expected to accelerate below the monthly low of 103.98.

DXY attempts a mild recovery to the 104.30/40 band after bottoming out just below the 104.00 support earlier in the session on Wednesday.

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 103.60 prior to the weekly low of 102.96 (August 30).

In the meantime, while above the key 200-day SMA, today at 103.60, the outlook for the index is expected to remain constructive.

DXY daily chart

Dollar Index Spot

Overview
Today last price	104.34
Today Daily Change	41
Today Daily Change %	0.26
Today daily open	104.07

Trends
Daily SMA20	105.95
Daily SMA50	105.86
Daily SMA100	104.16
Daily SMA200	103.61

Levels
Previous Daily High	105.73
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%	104.65
Daily Fibonacci 61.8%	105.07
Daily Pivot Point S1	103.46
Daily Pivot Point S2	102.85
Daily Pivot Point S3	101.72
Daily Pivot Point R1	105.21
Daily Pivot Point R2	106.34
Daily Pivot Point R3	106.95

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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