US Dollar Index Price Analysis: Scope for extra losses

• DXY leaves behind Wednesday’s marked gains.
• Further downside could see the 102.30 region revisited.

DXY extends the choppiness seen so far this week and reverses the previous session’s advance.

Despite the ongoing bounce, further retracements remain well on the cards and could now target the next support at 102.35 (May 5 low), where decent contention is expected to emerge.

Looking at the broader picture, the current bullish stance in the index remains supported by the 3-month line around 100.20, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 96.49.

DXY daily chart