USD Index Price Analysis: Further up comes 104.70
|- DXY builds on Tuesday’s gains and reaches the 104.00 region.
- Next on the upside comes the May high near 104.70.
DXY advances further and hits fresh multi-week peaks around the 104.00 neighbourhood on Wednesday.
A convincing breakout of the 104.00 hurdle should open the door to a potential visit to the May top of 104.69 (May 31) ahead of the 2023 peak of 105.88 (March 8).
While above the key 200-day SMA, today at 103.15, the outlook for the index is expected to shift to a more constructive one.
Looking at the broader picture, a convincing breakout of the 200-day SMA should shift the outlook for the index to a more constructive one.
DXY daily chart
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