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Dollar index (USDX) under pressure ahead of US jobs report

Yesterday the dollar index (USDX) came close to testing its 200 day moving average at 104.44 (unchanged today). In the event though the index peaked at 104.37 and then backed off again. So, as you can see, that 200 day moving average is still guarding the topside. The index fell back to around 104.10 yesterday and later closed at 104.11. It has tracked a little lower so far today, testing the 104 handle a short while ago. The official range seen so far has been covered by 103.999 to 104.112. The US jobs report is very much key in deciding if the index can launch another attempt on that 104.44 resistance level, or shy further away from it. Technical support is in place right now at 103.94 and a sustained break below that level could open a path to below 103.50. The index is right now trading at around 104.07 
 

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