USD Index Price Analysis: The breach of 101.77 exposes a deeper decline

The index adds to Tuesday’s losses and returns below 102.00.
A move below the January low at 101.77 exposes extra retracements.

Pablo Piovano FXStreet

The DXY trades on the defensive and revisits the area below the 102.00 mark amidst intense selling pressure on Wednesday.

So far, the continuation of the side-lined mood looks like the name of the game for the dollar, at least in the near term. In case bears regain the upper hand, the loss of the January low at 101.77 (January 16) should put a potential deeper drop to the May 2022 low around 101.30 (May 30) back on the investors’ radar prior to the psychological 100.00 level.

In the meantime, while below the 200-day SMA at 106.42 the outlook for the index should remain tilted to the negative side.

DXY daily chart

Dollar Index Spot

Overview
Today last price	102.06
Today Daily Change	100
Today Daily Change %	-0.32
Today daily open	102.39

Trends
Daily SMA20	103.7
Daily SMA50	104.75
Daily SMA100	107.82
Daily SMA200	106.81

Levels
Previous Daily High	102.57
Previous Daily Low	101.93
Previous Weekly High	103.95
Previous Weekly Low	101.99
Previous Monthly High	106.02
Previous Monthly Low	103.39
Daily Fibonacci 38.2%	102.32
Daily Fibonacci 61.8%	102.17
Daily Pivot Point S1	102.03
Daily Pivot Point S2	101.66
Daily Pivot Point S3	101.39
Daily Pivot Point R1	102.66
Daily Pivot Point R2	102.93
Daily Pivot Point R3	103.3

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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