USD Index Price Analysis: Next on the upside comes 104.66
|- The index reverses two consecutive daily pullbacks on Tuesday.
- Further rebound could see the monthly high near 104.70 revisited.
DXY picks up pace and advances to 2-day highs past the 104.00 hurdle on turnaround Tuesday.
The ongoing price action favours some consolidation in the upper end of the range. Immediately to the upside now comes the February top at 104.66 (February 17), while the surpass of this level exposes a probable move to the 2023 high at 105.63 (January 6) in the not-so-distant future.
In the longer run, while below the 200-day SMA at 106.44, the outlook for the index remains negative.
DXY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.