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The U.S. Dollar Index, which tracks the performance of the U.S. dollar against a basket of major currencies, continues to trade with a bearish bias for the second consecutive day.
The Relative Strength Index (RSI) on both daily and 4-hour charts has moved into negative territory, and the price has fallen below the 200-period simple moving average (SMA) on the 4-hour chart. This leaves the dollar vulnerable to further declines toward the psychological level of 100.00.
A break below this level would indicate that the recent recovery from the current yearly low (set on April 21) has run out of steam, potentially opening the path for deeper losses. The next downside targets lie at interim support at 99.55, followed by 99.20 and the key round figure of 99.00.
On the other hand, the immediate barrier is the 101.00–101.10 zone. A new wave of short-covering above this area could lift the index toward the 101.70–101.80 level. From there, dollar bulls may attempt another push to reclaim the psychological level of 102.00. Sustained strength above this threshold would invalidate the short-term bearish bias and pave the way for higher targets.
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