USD Index Price Analysis: The loss of 102.00 could expose a deeper drop

• DXY adds to Tuesday’s bearish move and confronts 102.00.
• Next on the downside emerges the April low near 101.40.

DXY remains under pressure and puts the 102.00 region to the test on Wednesday, adding to the negative price action seen in the previous session.

A daily close below the 102.00 mark could open the door to a deeper retracement to, initially, the April low at 101.43 (April 5), while the breach of this level could expose a move to the 2023 low around 100.80 (February 2).

Looking at the broader picture, while below the 200-day SMA, today at 106.42, the outlook for the index is expected to remain negative.

DXY daily chart