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.

Pablo Piovano FXStreet

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

Dollar Index Spot

Overview
Today last price	103.75
Today Daily Change	60
Today Daily Change %	0.14
Today daily open	103.6

Trends
Daily SMA20	102.6
Daily SMA50	102.2
Daily SMA100	102.39
Daily SMA200	103.13

Levels
Previous Daily High	103.72
Previous Daily Low	103.01
Previous Weekly High	103.68
Previous Weekly Low	102.77
Previous Monthly High	103.57
Previous Monthly Low	99.57
Daily Fibonacci 38.2%	103.45
Daily Fibonacci 61.8%	103.28
Daily Pivot Point S1	103.17
Daily Pivot Point S2	102.74
Daily Pivot Point S3	102.47
Daily Pivot Point R1	103.87
Daily Pivot Point R2	104.15
Daily Pivot Point R3	104.58

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

GBP/USD holds recovery gains near 1.3400 despite soft UK CPI data

GBP/USD clings to recovery gains near 1.3400 in European trading on Wednesday. The UK annual Consumer Price Index (CPI) inflation cooled to 2.6% in June against the market forecast of 2.7%, failing to deter the British Pound's rebound from weekly troughs. However, the pair's further upside could be limited by ongoing Mideast tensions and sustained US Dollar demand as a haven.

EUR/USD gains ground above 1.1400 on hawkish ECB tone

The EUR/USD pair holds positive ground near 1.1410 during the early European trading hours, bolstered by a hawkish tone from the European Central Bank. However, the potential upside for the major pair might be limited amid escalating military tensions and recent retaliatory airstrikes between the US and Iran.

Gold ease from two-week top as energy-driven inflation fears bolster Fed hike bets

Gold retreats slightly from a two-week high touched earlier this Wednesday, albeit it retains an intraday bullish bias through the first half of the European session. Hopes that US-Iran diplomacy could ease energy prices and temper hawkish US Federal Reserve expectations undermine the US Dollar, which is seen supporting the commodity. In fact, top negotiators for Iran and the US signaled that they have not walked away from talks.

Cardano: Short-term recovery lacks retail support

Cardano price edges lower after the 50-day Exponential Moving Average at $1.770 capped two consecutive days of recovery seen earlier this week. ADA futures point to waning retail traction as Open Interest and trading volume decline amid elevated long liquidations. The technical outlook for ADA is bearish, as momentum remains subdued below a resistance trendline near $0.1782.

Chip stocks are more volatile than Oil

I continue to start the day by looking at these two charts: US crude & Kospi. The former is extending gains, trading above $86 per barrel for WTI and $92 per barrel for Brent, while the Kospi is up more than 4.5%, led higher by Korean chipmakers following a similar jump in VanEck's Semiconductor ETF yesterday.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.