- The DXY pares some gains after the fresh highs on Wednesday.
- The US Dollar Index could embark on a consolidation phase in the near term.
He DXY is under pressure and challenges the 104.00 support on Thursday, after reaching fresh multi-week highs at the limits of the 104.70 zone in the previous session.
The index could enter a range bound zone in the very short term before the possible resumption of the uptrend. That being said, the breach of the May high at 104.69 (May 31) should put a possible visit to the key 200-day SMA back on the radar today at 105.60 ahead of the 2023 high at 105.88 (March 8). .
Overall, as long as it stays below the 200-day SMA, the outlook for the index 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.
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