USD Index Price Analysis: Further upside targets the 104.70 zone

DXY faces some headwinds soon after hitting fresh tops near 103.60.
Next on the upside emerges the May high around 104.70.

Pablo Piovano FXStreet

DXY now succumbs to some renewed selling pressure and abandons the area of multi-week highs around 103.60 on Thursday.

In the meantime, the index maintains the bullish view well in place with the immediate hurdle now emerging at the May top of 104.69 (May 31) ahead of the 2023 peak of 105.88 (March 8).

It is worth noting that this area of monthly highs appears reinforced by the key 200-day SMA, today at 103.21.

Looking at the broader picture, while below the latter, the outlook for the index is expected to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	103.24
Today Daily Change	40
Today Daily Change %	-0.20
Today daily open	103.45

Trends
Daily SMA20	102.14
Daily SMA50	102.2
Daily SMA100	102.34
Daily SMA200	103.2

Levels
Previous Daily High	103.53
Previous Daily Low	102.94
Previous Weekly High	102.91
Previous Weekly Low	101.82
Previous Monthly High	103.57
Previous Monthly Low	99.57
Daily Fibonacci 38.2%	103.3
Daily Fibonacci 61.8%	103.17
Daily Pivot Point S1	103.08
Daily Pivot Point S2	102.72
Daily Pivot Point S3	102.5
Daily Pivot Point R1	103.67
Daily Pivot Point R2	103.89
Daily Pivot Point R3	104.25

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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