USD Index Price Analysis: Further weakness targets 101.30

The index comes under pressure and revisits the 101.60 area.
A deeper decline should target the May 2022 low near 101.30.

Pablo Piovano FXStreet

DXY kicks in the week in an offered stance and rebounds from earlier lows in the 101.60/55 band on Monday.

The index seems to be gradually losing ground amidst the broader bearish outlook for the greenback. In case bears push harder, the loss of the so far 2023 low at 101.52 (January 18) could trigger a potential deeper drop to the May 2022 low around 101.30 (May 30) prior to the psychological 100.00 level.

In the meantime, while below the 200-day SMA at 106.45 the outlook for the index should remain tilted to the negative side.

DXY daily chart

Dollar Index Spot

Overview
Today last price	102.01
Today Daily Change	46
Today Daily Change %	0.01
Today daily open	102

Trends
Daily SMA20	103.37
Daily SMA50	104.44
Daily SMA100	107.57
Daily SMA200	106.79

Levels
Previous Daily High	102.56
Previous Daily Low	101.93
Previous Weekly High	102.9
Previous Weekly Low	101.51
Previous Monthly High	106.02
Previous Monthly Low	103.39
Daily Fibonacci 38.2%	102.17
Daily Fibonacci 61.8%	102.32
Daily Pivot Point S1	101.77
Daily Pivot Point S2	101.54
Daily Pivot Point S3	101.15
Daily Pivot Point R1	102.39
Daily Pivot Point R2	102.78
Daily Pivot Point R3	103.01

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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