USD Index Price Analysis: Further losses appear likely near term

• The index wobbles in the low-104.00s amidst unclear risk trends.
• The continuation of the downtrend could drop to the 103.40 zone.

DXY remains under pressure and so far manages to hold the downside just above the 104.00 mark on Monday.

The continuation of the selling pressure could motivate the dollar to accelerate losses and challenge the weekly low at 103.67 (June 27) ahead of another weekly low at 103.41 (June 16).

Below the 200-day SMA at 105.59, the dollar’s outlook should remain negative.

DXY daily chart