USD Index Price Analysis: Rising bets for a move to 103.00

• DXY resumes the decline and prints new monthly highs near 103.20.
• Further weakness exposes a probable drop to the 103.00 region.

DXY sets aside two consecutive daily builds and embarks on a retracement to fresh monthly lows near 103.20.                                                                                            

If losses pick up pace, then a probable test of the interim 100-day SMA at 103.02 could start shaping up prior to a deeper decline to the transitory 55-day SMA at 102.53.

Looking at the broader picture, while below the 200-day SMA at 105.38 the outlook for the index is expected to remain negative.

DXY daily chart