- The DXY bounces from 15-month lows in the 99.60/55 zone.
- At the moment, the downtrend is favored.
He DXY manages to regain some composure and leaves behind recent lows around 99.60 on Friday.
The continuation of the dollar’s decline seems the most likely scenario at the moment. Conversely, a break of the current 2023 low at 99.57 (July 14) could trigger a deeper pullback to the weekly low of 97.68 (March 30, 2022).
On a bigger picture, as long as it holds below the 200-day SMA at 104.37, the outlook for the DXY will remain negative.
DXY daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
