DXY Outlook (26 October 2022)

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The DXY breaks lower from the 112 support level, with the weakness likely due to the weaker than forecasted and previous consumer confidence. Another consideration is the other major currencies, in particular, the GBPUSD and EURUSD gaining against the Greenback that has caused this significant decline.

Beyond the current price level of 111.00, the next key support level for the DXY is at 110.00. This level could be reached, particularly if the GBPUSD continues to rise or if the USDJPY continues to drop.