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- USD Index Price Analysis: Extra losses look likely below 111.50
USD Index Price Analysis: Extra losses look likely below 111.50
- DXY keeps the erratic performance well in place near 112.00.
- The loss of the 111.50 area could trigger a deeper pullback.
DXY fades the optimism seen at the beginning of the week and retreats to the 112.00 neighbourhood, where it now attempts to consolidate.
If the index drops below recent lows near 111.50 (October 24), sellers could then attempt to challenge the October low near the key 110.00 support (October 4,5).
The prospects for extra gains in the dollar should remain unchanged as long as the index trades above the 8-month support line near 108.30, an area coincident with the 100-day SMA.
In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 103.86.
DXY daily chart
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