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4 May 2023

USD Index Price Analysis: Further weakness targets the 2023 low

  • DXY trades within a tight range in the low-101.00s.
  • The loss of 101.00 could expose a move to the YTD low.

DXY exchanges ups and downs in the low-101.00s following the FOMC event on Thursday.

The continuation of the ongoing decline faces the next support of note at the weekly low at 101.01 (April 26). The loss of this region could pave the way for a deeper move to the 2023 low at 100.78 (April 14).

Looking at the broader picture, while below the 200-day SMA, today at 105.97, the outlook for the index is expected to remain negative.

DXY daily chart

 

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