USD Index Price Analysis: Further losses should not be ruled out

• The index comes under pressure and breaches 102.00 on Monday.
• Bouts of weakness could retest the 101.50 region near term.

DXY leaves behind two consecutive daily advances and returns to the sub-102.00 region at the beginning of the week.

In case sellers regain the upper hand, another test of the YTD low at 101.50 could start gathering momentum prior to the May 2022 low around 101.30 (May 30). Further south comes the psychological 100.00 level.

In the longer run, while below the 200-day SMA at 106.47, the outlook for the index remains negative.

DXY daily chart