- DXY adds to Friday’s recovery and approaches the 102.00 barrier.
- There are still chances of a breakdown of the 2023 peak near 100.80.
DXY extends further Friday’s optimism and looks to retake the 102.00 neighbourhood at the beginning of the week.
Despite the ongoing rebound, the index is expected to remain under pressure for the time being. Against that, the loss of the 2023 low at 100.78 (April 14) should open the door to a deeper decline to, initially, the psychological 100.00 mark.
South from here aligns the late-March 2022 lows near 97.70.
Looking at the broader picture, while below the 200-day SMA, today at 106.33, the outlook for the index is expected to remain negative.
DXY daily chart
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