USD Index Price Analysis: Constructive stance seen above the 200-day SMA

• DXY resumes the upside and advances to new highs near 103.70
• Further gains now appear likely above the 200-day SMA.

DXY leaves behind Thursday’s small downtick and climbs to new multi-week tops near 103.70 at the end of the week.

In the meantime, the index maintains the bullish view well in place with the immediate hurdle now emerging at the May top of 104.69 (May 31) ahead of the 2023 peak of 105.88 (March 8).

It is worth noting that this area of monthly highs appears reinforced by the proximity of the key 200-day SMA, today at 103.20.

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