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14 Jul 2023

USD Index Price Analysis: Extra losses might still be in store

  • DXY bounces off 15-month lows in the 99.60/55 band.
  • Extra downside appears favoured for the time being.

DXY manages to regain some composure and leaves behind recent lows in the vicinity of 99.60 on Friday.

The continuation of the decline of the dollar looks the most likely scenario for the time being. Against that, the breach of the current 2023 low at 99.57 (July 14) could spark a deeper pullback to the weekly low of 97.68 (March 30 2022).

Looking at the broader picture, while below the 200-day SMA at 104.37, the outlook for the index is expected to remain negative.

DXY daily chart

 

Jul 14, 2023

Brent Oil set to trade at $85 by year-end – Commerzbank

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Jul 14, 2023

Gold Price Forecast: XAU/USD remains subdued around $1,960 as investors expect consecutive skip from Fed

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