Further gains in store near term

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• DXY comes under pressure and revisits the 105.00 zone.
• Extra upside could see the YTD top near 105.60 revisited.

DXY sees its recent strong upside somewhat trimmed and recedes to the 105.00 neighbourhood at the end of the week.

The continuation of the multi-week rally is now expected to shift its attention to the 2023 high of 105.88 (March 8) prior to the round level at 106.00.

While above the key 200-day SMA, today at 103.03, the outlook for the index is expected to remain constructive.

DXY daily chart