Risks further weakness near term

Share:

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

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