USD Index Price Analysis: Extra range bound in store

USD Index Price Analysis: Extra range bound in store

Time Stamp: February 10, 2023 8:08 AM
Source Node: 1949601

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  • The index maintains the choppiness unchanged this week.
  • Further side-lined trading is likely in the short term.

DXY reverses Thursday’s decline to weekly lows and regains the area well north of the 103.00 barrier on Friday.

The recent price action leaves the door open to the continuation of the consolidative phase for the time being. Against that, the upper end of the range appears capped by the vicinity of the 104.00 mark, while weekly lows near 102.60 seem to emerge as a decent initial contention.

In the longer run, while below the 200-day SMA at 106.45, the outlook for the index remains negative.

DXY daily chart

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