USD Index Price Analysis: Further upside still targets 105.60

• DXY recedes to the lower end of the weekly range near 104.60.
• Next on the upside emerges the 2023 peak around 105.60.

DXY alternates gains with losses near 104.60 following Monday’s marked retracement.

The ongoing price action favours the continuation of the uptrend despite the ongoing corrective move. Further bouts of strength should then clear the February high at 105.35 (February 27) to allow for a probable challenge of the 2023 top at 105.63 (January 6).

In the longer run, while below the 200-day SMA at 106.49, the outlook for the index remains negative.

DXY daily chart