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| USD Index Continues to Decline, Minor Support at 102.58 |
The bearish mood for the USD Index appears to be continuing, as it remains well on the defensive and threatens the 103.00 region. Tuesday saw the ongoing decline putting the 103.00 region to the test. However, there is a minor support level at the weekly low of 102.58, which was seen on February 14. A loss of this region could trigger a deeper pullback to the 2023 low near 101.80, which was observed on February 2.
Looking at the broader picture, the outlook for the USD Index is expected to remain negative as long as it stays below the 200-day Simple Moving Average (SMA), which is currently at 106.62. The market will be closely monitoring whether the minor support level at 102.58 will hold, or if a deeper pullback is in store for the USD Index.
