USD Index Price Analysis: Ongoing pullback seen as temporary

DXY fades the earlier bullish move to new 2-month highs near 104.50.
The resumption of the uptrend should retarget the 200-day SMA.

Pablo Piovano FXStreet

DXY comes under fresh downside pressure following earlier peaks past 104.50 on Tuesday.

In the near term, extra gains appear on the cards despite the ongoing knee-jerk. That said, the surpass of the May high at 104.53 (May 30) should put a potential visit to the key 200-day SMA, today at 105.65, back on the radar prior to the 2023 top of 105.88 (March 8).

Looking at the broader picture, while below the 200-day SMA the outlook for the index is expected to remain negative.

DXY daily chart

Dollar Index Spot

Overview
Today last price	104.04
Today Daily Change	56
Today Daily Change %	-0.24
Today daily open	104.29

Trends
Daily SMA20	102.67
Daily SMA50	102.3
Daily SMA100	102.88
Daily SMA200	105.55

Levels
Previous Daily High	104.31
Previous Daily Low	104.04
Previous Weekly High	104.42
Previous Weekly Low	102.96
Previous Monthly High	103.06
Previous Monthly Low	100.79
Daily Fibonacci 38.2%	104.21
Daily Fibonacci 61.8%	104.14
Daily Pivot Point S1	104.12
Daily Pivot Point S2	103.95
Daily Pivot Point S3	103.85
Daily Pivot Point R1	104.38
Daily Pivot Point R2	104.48
Daily Pivot Point R3	104.64

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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