USD Index Price Analysis: Risks further weakness near term

DXY keeps the tight range amidst steady downside pressure.
Extra losses are likely on a breach of the 102.00 mark.

Pablo Piovano FXStreet

There is no respite for the selling bias in the dollar, as the DXY remains close to multi-week lows near the 102.00 region on Friday.

In case the index breaches the monthly low near 102.00, it could then pave the way for another visit to the monthly low of 101.02 (May 4) ahead of the April low at 100.78 (April 14).

Looking at the broader picture, while below the 200-day SMA at 105.28 the outlook for the index is expected to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	102.03
Today Daily Change	31
Today Daily Change %	-0.12
Today daily open	102.15

Trends
Daily SMA20	103.69
Daily SMA50	102.61
Daily SMA100	103.05
Daily SMA200	105.09

Levels
Previous Daily High	103.38
Previous Daily Low	102.09
Previous Weekly High	104.4
Previous Weekly Low	103.29
Previous Monthly High	104.7
Previous Monthly Low	101.03
Daily Fibonacci 38.2%	102.58
Daily Fibonacci 61.8%	102.89
Daily Pivot Point S1	101.7
Daily Pivot Point S2	101.25
Daily Pivot Point S3	100.41
Daily Pivot Point R1	102.98
Daily Pivot Point R2	103.82
Daily Pivot Point R3	104.27

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.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold holds above $5,000 as bears seem hesitant amid Fed rate cut bets

Gold edges lower at the start of a new week, though it defends the $5,000 psychological mark through the Asian session. The underlying bullish sentiment is seen acting as a headwind for the bullion. However, bets for more rate cuts by the Fed, bolstered by Friday's softer US CPI, keep the US Dollar bulls on the defensive and continue to support the non-yielding yellow metal as the focus now shifts to FOMC Minutes on Wednesday.

Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight

The US jobs report for January, which was delayed slightly, didn’t do the dovish Fed bets any favours, as expectations of a soft print did not materialize, confounding the raft of weak job indicators seen in the prior week.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.