USD Index Price Analysis: Further up comes 104.70

• 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