- DXY extends the rebound to 103.00 and above.
- Further downside likely on a breach of 102.00.
DXY adds to Thursday’s gains and reclaims the area beyond 103.00 the figure at the end of the week.
Despite the ongoing rebound, the index remains under pressure. That said, there is the palpable probability that a deeper pullback could drag DXY to the area of lows seen in April and May around 101.00 once the June low of 101.92 (June 22) is cleared. Dow from here emerges the 2023 low around 100.80 recorded on April 14.
Looking at the broader picture, while below the 200-day SMA at 105.10 the outlook for the index is expected to remain negative.
DXY daily chart
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