USD moves to a new low as the week works toward the close

The dollar index (DXY) is trading to a new low for the week at 106.369. The index is currently down -440 pips this week and is down -3.97%. That is the largest decline since March 2009 when the index fell around 4.10% on the week.

The weekly chart below shows the pip change in the top chart on the bottom. The lowest chart shows the % change for the week going back in time. That decline shows a fall of -3.97%

Drilling to the daily chart below, the DXY fell below the 100 day MA yesterday at 109.056. The close below was the first since mid-June 2021. The next key target on the downside is the 38.2% of the move up from the January 2001 low which comes in at 105.01. The rising 200 day MA is at 104.782. That combination would give sellers cause for pause on a test going forward.

Looking at the individual currency pairs:

• EURUSD EUR/USD The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be Read this Term is trading to a new high and tests a key swing area on the daily chart between 1.0348 and 1.03657 (see post here)
• GBPUSD is trading in a swing area on the weekly chart between 1.1759 it 1.1840 ding to a new high and tests (see post here)
• USJPY is trading to a new low. Today the price is below the 100 day moving average at 140.758, below the September 22 low at 140.308, and the July high at 139.318. The next target comes in at the 30.2% retracement of the 2022 trading range at 137.240 (see chart below)

• USDCAD USD/CAD The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh The USD/CAD is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Canadian dollar of Canada (symbol $ code CAD). The pair’s exchange rate indicates how many Canadian dollars are needed in order to purchase one US dollar. For example, when the USD/CAD is trading at 1.3500, it means 1 US dollar is equivalent to 1.35 Canadian dollars. The US dollar (USD) is the world’s most traded currency, whilst the Canadian dollar (CAD) is the world’s seventh Read this Term is trading to a new low at 1.3248, and gets closer to its rising 100 day moving average at 1.3224 and its 38.2% retracement of the move up from the May 2021 at 1.3224 a swing area between 1.3207 and 1.3222 is just below that 100 day moving average/38.2% retracement level.