DXY Price Analysis: More losses are likely below 103.39

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  • The Dollar Index starts the new year erratically.
  • The multi-month low at 103.39 is shaping up to be the next support.

The dollar index (DXY) gives up most of Tuesday’s strong advance to the limits of the 105.00 barrier and returns to the area below 104.00 on Wednesday.

The index appears to have entered a consolidation phase, though the outlook remains to the downside as it remains below the key 200-day SMA at 106.25.

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A deeper pullback could revisit the multi-month low at 103.39 (30 Dec). The loss of this zone could leave the dollar vulnerable to further losses in the short term.

DXY day chart

dollar index

Last price today 104.02
Today Daily Variation 76
today’s daily variation -0.63
today’s daily opening 104.68
daily SMA20 104.37
daily SMA50 105.53
daily SMA100 108.45
daily SMA200 106.73
previous daily high 104.86
previous daily low 103.47
Previous Weekly High 104.56
previous weekly low 103.39
Previous Monthly High 106.02
Previous monthly minimum 103.39
Fibonacci daily 38.2 104.33
Fibonacci 61.8% daily 104
Daily Pivot Point S1 103.81
Daily Pivot Point S2 102.94
Daily Pivot Point S3 102.42
Daily Pivot Point R1 105.21
Daily Pivot Point R2 105.73
Daily Pivot Point R3 106.6

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Source: Fx Street

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