USD Index Price Analysis: Further upside looks likely

DXY comes under some selling pressure following new YTD highs.
Extra upside continues to target the 200-day SMA.

Pablo Piovano FXStreet

DXY gives away part of recent gains to the vicinity of the 106.00 mark, or new 2023 peaks.

The continuation of the rebound in the dollar seems like for the time being. The breakout of the round level at 106.00 should put the index en route to a probable test of the key 200-day SMA, today at 106.60.

A convincing move beyond the latter should shift the outlook to constructive in the short-term horizon and allow for the continuation of the uptrend.

DXY daily chart

Dollar Index Spot

Overview
Today last price	105.43
Today Daily Change	49
Today Daily Change %	-0.26
Today daily open	105.7

Trends
Daily SMA20	104.33
Daily SMA50	103.43
Daily SMA100	104.74
Daily SMA200	106.84

Levels
Previous Daily High	105.89
Previous Daily Low	105.35
Previous Weekly High	105.36
Previous Weekly Low	104.09
Previous Monthly High	105.36
Previous Monthly Low	100.81
Daily Fibonacci 38.2%	105.68
Daily Fibonacci 61.8%	105.56
Daily Pivot Point S1	105.4
Daily Pivot Point S2	105.11
Daily Pivot Point S3	104.87
Daily Pivot Point R1	105.94
Daily Pivot Point R2	106.18
Daily Pivot Point R3	106.47

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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