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.

AUD/USD jumps to 0.7050, fresh one-month top after hot Australian CPI

AUD/USD attracts buyers for the second straight day on Wednesday, rising to a fresh high since September 23 during the Asian session. A hot Australian CPI print reaffirmed bets for an imminent RBA rate hike in November and boosted the Australian Dollar. Meanwhile, the US Dollar pauses after a three-day rally to a near two-week high ahead of the crucial FOMC rate decision, lending additional support to the currency pair.

USD/JPY sticks to modest gains above 157.50 as traders await Fed, BoJ meetings

USD/JPY attracts buyers for the third straight day, recovering further from a one-month low ahead of Wednesday’s FOMC decision and the BoJ policy update on Friday. Meanwhile, expectations that the BoJ may hold off on aggressive rate hikes weigh on the Japanese Yen, and the US Dollar advances to a nearly two-week high, supporting the currency pair.

Gold extends pullback from weekly top, further below $4,050 as focus remains on FOMC

Gold extends its retracement slide from the weekly high touched during the Asian session, falling further below $4,050 heading into the European session and ahead of the key central bank event. The US Federal Reserve is scheduled to announce its policy decision later today and is widely expected to keep rates unchanged. Hence, the focus will be on the accompanying policy statement and Fed Chair Kevin Warsh's comments during the post-meeting press conference.

Zcash's bullish momentum mounts on steady ETF inflows, retail confidence

Zcash extends steady recovery above $1,300 on Wednesday, approaching a key resistance near $1,373. Grayscale’s ZEC-focused Exchange-Traded Fund sees persistent buying pressure, with six straight days of inflows, including more than $3 million on Tuesday.

FOMC outlook: Why keeping rates unchanged might not be enough

Tomorrow's FOMC meeting could be quite interesting, even if the Federal Reserve decides to leave interest rates unchanged. According to the latest market expectations, there is currently a 92.8% probability that rates will remain at 3.75–4.00%, while the probability of another 25 basis point increase stands at just 7.2%.

Anthropic pledged $270 billion to Amazon, Google, and Microsoft. Here's who actually gets paid

Anthropic owes Amazon, Google, and Microsoft at least $269.4 billion for computing power, even if it uses less. All three sell its models and handle its billing, and Amazon and Google own stakes and lend it money, so they get paid regardless of how the IPO goes. The Dario Amodei-led Anthropic filed its initial public offering (IPO) on Monday, seeking a listing on the Nasdaq under the ticker ANT.