USD Index Price Analysis: Immediately to the upside comes 104.70

The index manages well to keep the trade above the 104.00 mark.
Extra gains are likely and could retest the 2023 top around 105.60.

Pablo Piovano FXStreet

DXY tries to extend the weekly recovery further north of the 104.00 barrier on Wednesday.

The ongoing price action favours the continuation of the uptrend for the time being. Further bouts of strength should clear the February high at 104.66 (February 17) to allow for a probable challenge of the 2023 top at 105.63 (January 6).

In the longer run, while below the 200-day SMA at 106.44, the outlook for the index remains negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	104.17
Today Daily Change	34
Today Daily Change %	-0.02
Today daily open	104.19

Trends
Daily SMA20	102.96
Daily SMA50	103.31
Daily SMA100	105.45
Daily SMA200	106.79

Levels
Previous Daily High	104.27
Previous Daily Low	103.76
Previous Weekly High	104.68
Previous Weekly Low	102.54
Previous Monthly High	105.63
Previous Monthly Low	101.5
Daily Fibonacci 38.2%	104.07
Daily Fibonacci 61.8%	103.95
Daily Pivot Point S1	103.88
Daily Pivot Point S2	103.57
Daily Pivot Point S3	103.38
Daily Pivot Point R1	104.39
Daily Pivot Point R2	104.58
Daily Pivot Point R3	104.89

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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