USD Index Price Analysis: A move to the 2023 low looms closer

• DXY breaks below the 101.00 support on Wednesday.
• The 2023 low near 100.80 emerges as the next target of note.

DXY’s downside picks up pace and now puts the 2023 low near 100.80 to the test.

The continuation of the decline looks the most likely scenario for the time being. Against that, the dollar now targets the YTD low in the 100.80/75 band prior to the psychological 100.00 yardstick.

Looking at the broader picture, while below the 200-day SMA at 104.50, the outlook for the index is expected to remain negative.

DXY daily chart