US Dollar Index Price Analysis: Below 105.00 comes the 55-day SMA

• DXY attempts a corrective bounce after flirting with 105.00.
• Next on the downside emerges the 55-day SMA at 104.79.

DXY manages to reverse the initial drop of the boundaries of the 105.00 mark on Tuesday.

Despite the ongoing rebound, the index remains under pressure after breaching the multi-session pre-FOMC consolidative theme.

That said, further decline remains well on the cards and the loss of the 105.00 yardstick should leave the door open to a probable visit to the 6-month support line around 104.00.

While above the latter, the dollar’s short-term constructive outlook is expected to persist.

In addition, the broader bullish view remains in place while above the 200-day SMA at 99.55.

DXY daily chart