USD Index Price Analysis: Initial support comes at the 55-day SMA

• DXY intensifies the decline and breaches 104.00 on Monday.
• The 55-day SMA near 103.50 should offer initial contention.

DXY extends the strong bearish momentum and breaks below the 104.00 support to record new multi-week lows.

In case sellers push harder, then the index should face a temporary support at the 55-day SMA at 103.51 prior to the weekly low at 102.58 (February 14).

In the meantime, while below the 200-day SMA at 106.62, the outlook for the greenback is expected to remain negative.

DXY daily chart