USD Index Price Analysis: Strong support remains around 101.00

• DXY extends the weekly move higher and retests 101.80.
• The index appears well supported by the 101.00 region so far.

DXY picks up further pace and challenges once again the 101.80 region on, or weekly peaks, on Wednesday.

A more serious bullish attempt should clear the monthly high at 102.40 (May 2) to mitigate the downside pressure and allow for a potential advance to the provisional 55- and 100-day SMAs at 102.81 and 102.98, respectively.

On the downside, there is a formidable contention around the 101.00 neighbourhood for the time being.

Looking at the broader picture, while below the 200-day SMA, today at 105.89, the outlook for the index is expected to remain negative.

DXY daily chart