Forecast of the dollar index: It remains close to the lower limit of the descending channel at 100.50

• The US dollar index can continue to weaken in the midst of a sustained bearish trend, currently testing the lower limit of the descending channel.
• The 14 -day RSI is maintained below 30, indicating the possibility of an imminent corrective rebound.
• The immediate support is located at the psychological level of 100.00, followed by 99.76 – the lowest level recorded since April 2022.

The American dollar index (DXY), which tracks the performance of the US dollar (USD) compared to a basket of six main currencies, continues its decline per second consecutive session, around 100.40 during the Asian negotiation hours of Friday. The technical analysis of the daily graphic suggests a sustained bearish trend, with the index testing the lower limit of a prevailing descending channel.

Despite the downward pressure, The 14 -day relative force index (RSI) is maintained below 30, pointing out the potential of imminent rising correction. In addition, the DXY is negotiating well below its nine -day exponential (EMA) mobile average, indicating a weak short -term impulse.

Down, the immediate support is observed at the psychological level of 100.00, followed by 99.76 – the lowest level since April 2022. Additional support is close to the 99.00 mark.

Upwards, a movement towards the nine -day EMA in 102.34 could be on the horizon. A decisive rupture above this level could improve the short -term bullish impulse and pave the path for a key resistance area near the upper limit of the descending channel in the monthly maximum of 104.37, followed by 104.59.

US dollar index: daily graphics