USD Index Price Analysis: Next on the upside emerges the 200-day SMA
- DXY extends further the corrective pullback and retests 103.00.
- The resumption of the uptrend could revisit the 200-day SMA.
DXY appears to have met a decent resistance area around 103.60, or multi-week peaks, so far this month.
In case bulls regain the upper hand, a convincing move past 103.60/65 could pave the way for a potential challenge of the key 200-day SMA, today at 105.76 just ahead of the 2023 high 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.