USD Index Price Analysis: Immediately to the downside comes 103.00

• DXY resumes the decline and drops to new lows.
• The 103.00 zone emerges as the next support.

DXY leaves behind Friday’s decent advance and refocuses on the downside, clocking at the same time new multi-week lows in the 103.25/20 band on Monday.                                                                                            

In case the index extends the retracement, it could then put the transitory 100-day SMA around 103.00 to the test ahead of the provisional 55-day SMA at 102.52.

Looking at the broader picture, while below the 200-day SMA at 105.42 the outlook for the index is expected to remain negative.

DXY daily chart