USD Index Price Analysis: The hunt for 104.70

DXY reverses the initial pessimism and advances to daily highs.
Extra recovery continues to target the 104.70 region.

Pablo Piovano FXStreet

DXY quickly leaves behind Monday’s decline and resumes the uptrend to retest the 104.30/40 band on Tuesday.

Immediately to the upside turns up the August top at 104.44 (August 25), while the surpass of this level should open the door to a rapid test of the May high of 104.69 (May 31) prior to the 2023 peak of 105.88 (March 8).

While above the key 200-day SMA, today at 103.09, the outlook for the index is expected to shift to a more constructive one.

DXY daily chart

Dollar Index Spot

Overview
Today last price	104.33
Today Daily Change	53
Today Daily Change %	0.31
Today daily open	104.01

Trends
Daily SMA20	103.06
Daily SMA50	102.31
Daily SMA100	102.46
Daily SMA200	103.09

Levels
Previous Daily High	104.22
Previous Daily Low	103.98
Previous Weekly High	104.44
Previous Weekly Low	103.01
Previous Monthly High	103.57
Previous Monthly Low	99.57
Daily Fibonacci 38.2%	104.07
Daily Fibonacci 61.8%	104.13
Daily Pivot Point S1	103.92
Daily Pivot Point S2	103.82
Daily Pivot Point S3	103.67
Daily Pivot Point R1	104.16
Daily Pivot Point R2	104.31
Daily Pivot Point R3	104.41

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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