USD Index Price Analysis: Short-term top near 104.00?

• The index struggles to extend the upside and returns to the low-103.00s.
• Bullish attempts should meet the next hurdle around 104.00.

DXY loses some momentum and adds to the rejection from Tuesday’s monthly highs just ahead of the 104.00 hurdle.

While above the 3-month support line near 102.00, further gains look likely, although the index needs to clear the February high at 103.96 (February 7) to allow for the continuation of the uptrend to the 2023 top at 105.63 (January 6).

In the longer run, while below the 200-day SMA at 106.45, the outlook for the index remains negative.

DXY daily chart