USD Index Falls for Third Consecutive Session

Bullion Bite
USD Index Falls for Third Consecutive Session

The USD Index, also known as DXY, has fallen for the third session in a row and printed new monthly lows in the 103.40/35 range on Monday. Analysts predict a continuation of this trend in the near term. However, there is minor support at the weekly low of 102.58, and a loss of this region could lead to a deeper pullback to the YTD low near 101.80.

The outlook for the USD remains negative, and the broader picture shows that the greenback is expected to remain in a negative position while it is below the 200-day SMA of 106.63. The ongoing decline in DXY could be due to various factors, including market uncertainty and a lack of confidence in the USD as a safe-haven currency. As the decline continues, analysts will be keeping a close eye on any key levels or indicators that could signal a reversal of the trend.

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