US Dollar Index Price Analysis: Decent support appears around 104.00

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  • DXY trades on a range bound theme above 104.00.
  • Next on the upside comes the 2022 peak near 105.80.

DXY regains some composure above the 104.00 yardstick, reversing at the same time three consecutive daily pullbacks.

Ideally, the index should surpass the weekly highs at the 105.00 area in the near term to allow for the recovery to gather momentum and attempt a visit to the nearly 20-year peak in the 105.80 zone (June 15).

As long as the 4-month line around 102.00 holds the downside, the near-term outlook for the index should remain constructive.

Looking at the longer run, the outlook for the dollar is seen bullish while above the 200-day SMA at 97.79.

DXY daily chart