Dollar index (USDX) still under pressure

The rebound in the dollar index on Friday was actually quite surprising, but somehow the index managed to push back above 100 and very close to the noted 50 day moving average, which we had previously focused on, when the index first busted below it. That was in place on Friday, at 100.48 and the index made it has high as 100.46 on Friday afternoon. That high tied in neatly with the drop to 1.1455 on the EUR/USD. 

Well, as you can see, it sure ran into sellers up there and later took out the low seen earlier in the week, at 99.86. That fall then extended as low as 99.69 ahead of a US close at 99.80. The price action today has seen it slide as low as 99.41 earlier, but it has managed to rebound back as high as 99.78. That rebound has been led by the USD/JPY, but as you can also see, it has not yet made it back above the 99.86 marker and that level looks like a point of resistance this morning. 

The Dollar index has already traded below the 100 day moving average (in place now at 99.72). The next big level on the downside is the 200 day and that is in place this morning at 99.17. It could be headed that way too. The index is currently trading at 99.68