USD Index Price Analysis: Next on the downside emerges the 2023 low

• DXY extends the decline for the third session in a row on Monday.
• A minor support aligns at the weekly low at 102.58.

DXY retreats for the third session in a row and prints new monthly lows in the 103.40/35 band on Monday.

The continuation of the retracement appears likely in the very near term at least. Against that, there is a minor support at the weekly low at 102.58 (February 14), while the loss of this region could spark a deeper pullback to the YTD low near 101.80 (February 2).

Looking at the broader picture, while below the 200-day SMA (106.63), the outlook for the greenback is expected to remain negative.

DXY daily chart