USD Index Price Analysis: Extra upside should not be ruled out

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  • DXY meets some resistance around the 104.30 region so far.
  • Extra upside should face the key 200-day SMA near 105.70.

DXY retreats for the first session after four consecutive daily gains, putting the 104.00 region to the test at the end of the week.                                                                                             

Further upside appears on the cards in the near term. That said, the next resistance level of note is expected at the key 200-day SMA, today at 105.69 ahead of 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