USD Index Price Analysis: A challenge of 100.00 looms closer
|- The index remains well under pressure following the FOMC meeting.
- There is interim support near 100.80 so far, or 10-month lows.
DXY comes under extra selling pressure in the wake of the Fed’s decision on rates and retests the 100.80 region, or multi-month lows on Thursday.
In the near term, further losses appear in the pipeline while below the 3-month resistance line near 102.45. If the index manages to clear this region it could accelerate gains to the provisional 55-day SMA, today at 104.02.
Below this line, the dollar is expected to keep the short-term bearish bias unchanged and with the immediate target at the psychological 100.00 support.
In the longer run, while below the 200-day SMA at 106.45, the outlook for the index remains negative.
DXY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.