USD Index Price Analysis: No changes to the current consolidative tone

• DXY resumes the downside following Wednesday’s decent gains.
• Further side-lined trading is likely for the time being.

DXY gives away Wednesday’s gains and resumes the downside amidst the broad-based range bound theme so far this week.

The index, in the meantime, maintains the choppy activity well in place so far this week. The resumption of the uptrend should face initial hurdle at the April high just above 103.00 (April 3), while bouts of weakness remain underpinned by the sub-101.00 region.

Looking at the broader picture, while below the 200-day SMA, today at 106.24, the outlook for the index is expected to remain negative.

DXY daily chart