According to the US Dollar Index, the US dollar ended last week at session lows, erasing approximately -1.0% and snapping a four-week winning streak.
Although the monthly chart exhibits a long-term uptrend, immediate space demonstrates limited support or resistance. Consequently, the break of the 50-day simple moving average (SMA) at 105.12 and daily support at 105.04 (now marked resistance) takes precedence. Importantly, clearing bids from this region swings the technical pendulum in favour of bears, targeting the 200-day SMA at 104.49, closely shadowed by support coming in at 104.09.
