USD Index Price Analysis: Extra consolidation in store near term

  • The index extends the side-lined trading around 102.00.
  • The resumption of the downside could retest the 101.30 region.

DXY trades within a consolidative phase around the 102.00 neighbourhood for yet another session on Tuesday.

Further range bound should not be ruled out for the time being. In case bears regain the upper hand, the index could then slip further back and revisit the so far 2023 low at 101.52 (January 18) ahead of the May 2022 low around 101.30 (May 30), all before the psychological 100.00 yardstick.

In the meantime, while below the 200-day SMA at 106.45 the outlook for the index should remain tilted to the negative side.

DXY daily chart

Source: https://www.fxstreet.com/news/usd-index-price-analysis-extra-consolidation-in-store-near-term-202301241142

Source: https://webfulnet.com/

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