USD Index Price Analysis: Corrective decline could extend to 101.40

• DXY fades part of the recent multi-day recovery and revisits 102.00.
• Further south now comes the monthly low near 101.40.

DXY gives away some of its recent marked gains and retreats to the boundaries of the 102.00 region, where initial contention appears to have emerged so far.

If the correction gathers extra steam, the index could then put the April low at 101.43 (April 5) to the test in the near term, while the breach of this level should open the door to a probable slide towards the 2023 low around 100.80 (February 2).

Looking at the broader picture, while below the 200-day SMA, today at 106.45, the outlook for the index is expected to remain negative.

DXY daily chart