USD Index Price Analysis: Further gains in store near term

• DXY maintains the weekly bounce well in place on Wednesday.
• Further advance is expected to challenge the 103.00 zone.

DXY advances for the fourth session in a row and retests weekly highs around 102.70 on Wednesday.                                  

Immediately to the upside, the index faces the next hurdle at the 103.00 round level, which appears reinforced by the proximity of the temporary 100-day SMA. The index could see its downside pressure mitigated once this area is cleared on a convincing fashion.

Looking at the broader picture, while below the 200-day SMA at 105.18 the outlook for the index is expected to remain negative.

DXY daily chart