USD Index Price Analysis: Recovery targets the 104.50 area

DXY makes a U-turn following three daily drops in a row.
Further upside retargets the monthly highs near 104.50.

Pablo Piovano FXStreet

DXY halts a three-session negative streak and manages to regain some composure and retest the 103.50/60 band on Thursday.

Once the recovery gathers steam, the index should shift its focus to another visit to the monthly peak of 104.44 (August 25) just before the May top of 104.69 (May 31). The breakout of this level could prompt a probable test of the 2023 high at 105.88 (March 8) to re-emerge on the horizon.

While above the key 200-day SMA, the outlook for the index is expected to remain constructive.

DXY daily chart

Dollar Index Spot

Overview
Today last price	103.58
Today Daily Change	62
Today Daily Change %	0.40
Today daily open	103.17

Trends
Daily SMA20	103.15
Daily SMA50	102.35
Daily SMA100	102.49
Daily SMA200	103.05

Levels
Previous Daily High	103.7
Previous Daily Low	102.93
Previous Weekly High	104.44
Previous Weekly Low	103.01
Previous Monthly High	103.57
Previous Monthly Low	99.57
Daily Fibonacci 38.2%	103.22
Daily Fibonacci 61.8%	103.4
Daily Pivot Point S1	102.83
Daily Pivot Point S2	102.5
Daily Pivot Point S3	102.06
Daily Pivot Point R1	103.6
Daily Pivot Point R2	104.03
Daily Pivot Point R3	104.37

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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