US Dollar Index (DXY) Price Analysis: Initial support at the 55-day SMA

• The DXY intensifies the decline and breaks 104.00 on Monday.
• The 55-day SMA near 103.50 should offer some initial support.

The US dollar index (DXY) extends strong bearish momentum and breaks below the 104.00 support to record fresh multi-week lows.

Should sellers push harder, then the index should face temporary support at the 55-day SMA at 103.51 ahead of the weekly low at 102.58 (Feb 14).

Meanwhile, below the 200-day SMA at 106.62, the outlook for the greenback will remain negative.

DXY daily chart