US Dollar Index Price Analysis: Technical correction could retest 102.35

DXY comes under further selling pressure and revisits 104.30.
Next on the downside comes the post-FOMC low around 102.30.

Pablo Piovano FXStreet

DXY extends the corrective decline, as the dollar exits the overbought territory at the beginning of the week.

Against that, further retracements remain well on the cards and initially target the minor support at 103.37 (low May 11). The breach of this area could force the index to drop further and visit 102.35 (May 5 low), where decent contention is expected to emerge.

The current bullish stance in the index remains supported by the 8-month line around 97.15, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 96.34.

DXY daily chart

Dollar Index Spot

Overview
Today last price	104.43
Today Daily Change	31
Today Daily Change %	-0.04
Today daily open	104.47

Trends
Daily SMA20	102.78
Daily SMA50	100.53
Daily SMA100	98.32
Daily SMA200	96.3

Levels
Previous Daily High	105.01
Previous Daily Low	104.47
Previous Weekly High	105.01
Previous Weekly Low	103.38
Previous Monthly High	103.94
Previous Monthly Low	98.31
Daily Fibonacci 38.2%	104.68
Daily Fibonacci 61.8%	104.8
Daily Pivot Point S1	104.29
Daily Pivot Point S2	104.11
Daily Pivot Point S3	103.75
Daily Pivot Point R1	104.83
Daily Pivot Point R2	105.19
Daily Pivot Point R3	105.37

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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