• DXY turns negative following a fruitless bull run above 103.00.
• The 55-day SMA near 103.40 caps the upside for the time being.

DXY comes under pressure after piercing the key barrier at the 103.00 level on Monday.

So far, it seems the index could extend the consolidative range amidst the broader bearish stance. That said, a drop below the monthly low at 101.91 (March 23) should open the door to a potential visit to the 2023 low around 100.80 (February 2). On the upside, the 55-day SMA, today at 103.36 continues to cap occasional bullish attempts.

Looking at the broader picture, while below the 200-day SMA, today at 106.54, the outlook for the index is expected to remain negative.

DXY daily chart