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.

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