- DXY builds on Tuesday’s gains and reaches the 104.00 region.
- Next on the upside comes the May high near 104.70.
DXY advances further and hits fresh multi-week peaks around the 104.00 neighbourhood on Wednesday.
A convincing breakout of the 104.00 hurdle should open the door to a potential visit to the May top of 104.69 (May 31) ahead of the 2023 peak of 105.88 (March 8).
While above the key 200-day SMA, today at 103.15, the outlook for the index is expected to shift to a more constructive one.
Looking at the broader picture, a convincing breakout of the 200-day SMA should shift the outlook for the index to a more constructive one.
DXY daily chart
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Automotive / EVs, Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- ChartPrime. Elevate your Trading Game with ChartPrime. Access Here.
- BlockOffsets. Modernizing Environmental Offset Ownership. Access Here.
- Source: https://www.fxstreet.com/news/usd-index-price-analysis-further-up-comes-10470-202308231337
- :is
- $UP
- 15%
- 2023
- 31
- 36
- 70
- 8
- a
- above
- advances
- ahead
- analysis
- and
- around
- At
- breakout
- broader
- builds
- comes
- constructive
- convincing
- daily
- Door
- expected
- For
- fresh
- further
- Gains
- High
- Hits
- HTTPS
- index
- Key
- March
- May..
- more
- Near
- of
- on
- ONE
- open
- Outlook
- Peak
- picture
- plato
- Plato Data Intelligence
- PlatoData
- potential
- price
- Price Analysis
- Reaches
- region
- shift
- should
- SMA
- The
- to
- today
- top
- Upside
- USD
- Visit
- Wednesday
- zephyrnet
More from FX Street
EUR/USD: Market likely to be reluctant to take a position today – Commerzbank
Source Node: 2346685
Time Stamp: Oct 25, 2023
AUD/USD retreats from nearly two-week high, back below 0.6700 amid risk-off mood
Source Node: 2015111
Time Stamp: Mar 17, 2023
Investors should avoid the “cash trap” and step into risk markets – JP Morgan
Source Node: 2492669
Time Stamp: Feb 23, 2024
RBNZ’s Conway: Rates need to stay restrictive for a sustained period, declines in core inflation encouraging
Source Node: 2504921
Time Stamp: Mar 5, 2024
Mexican Peso recovers slightly amid Banxico’s hawkish stance on interest rates
Source Node: 2548562
Time Stamp: Apr 17, 2024
Mullen Automotive Stock Forecast: MULN jumps 57% in Thursday premarket trade
Source Node: 2160193
Time Stamp: Jul 6, 2023
Fed terminal rate to reach range of 5.25-5.50% by May meeting – TDS
Source Node: 1860415
Time Stamp: Jan 2, 2023
Silver Price Analysis: XAG/USD fall by more than 4%, breaking key support
Source Node: 1913900
Time Stamp: Jan 23, 2023
Oil sees demand picking up with India looking for quick deliveries
Source Node: 2415733
Time Stamp: Dec 27, 2023
NZD/USD Price Analysis: Falls to 0.6150 ahead of US core PCE data, RBNZ policy
Source Node: 2497239
Time Stamp: Feb 27, 2024
EUR/USD cycles near 1.0850 on Tuesday as markets gear up for ECB and Fed appearances
Source Node: 2504919
Time Stamp: Mar 5, 2024