USD Index Price Analysis: Initial support comes at the 55-day SMA

DXY intensifies the decline and breaches 104.00 on Monday.
The 55-day SMA near 103.50 should offer initial contention.

Pablo Piovano FXStreet

DXY extends the strong bearish momentum and breaks below the 104.00 support to record new multi-week lows.

In case sellers push harder, then the index should face a temporary support at the 55-day SMA at 103.51 prior to the weekly low at 102.58 (February 14).

In the meantime, while below the 200-day SMA at 106.62, the outlook for the greenback is expected to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	103.87
Today Daily Change	95
Today Daily Change %	-0.74
Today daily open	104.64

Trends
Daily SMA20	104.49
Daily SMA50	103.47
Daily SMA100	104.61
Daily SMA200	106.84

Levels
Previous Daily High	105.36
Previous Daily Low	104.05
Previous Weekly High	105.89
Previous Weekly Low	104.05
Previous Monthly High	105.36
Previous Monthly Low	100.81
Daily Fibonacci 38.2%	104.55
Daily Fibonacci 61.8%	104.86
Daily Pivot Point S1	104
Daily Pivot Point S2	103.37
Daily Pivot Point S3	102.69
Daily Pivot Point R1	105.32
Daily Pivot Point R2	105.99
Daily Pivot Point R3	106.63

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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