• The index reverses two consecutive daily pullbacks on Tuesday.
  • Further rebound could see the monthly high near 104.70 revisited.

DXY picks up pace and advances to 2-day highs past the 104.00 hurdle on turnaround Tuesday.

The ongoing price action favours some consolidation in the upper end of the range. Immediately to the upside now comes the February top at 104.66 (February 17), while the surpass of this level exposes a probable move to the 2023 high at 105.63 (January 6) in the not-so-distant future.

In the longer run, while below the 200-day SMA at 106.44, the outlook for the index remains negative.

DXY daily chart

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