US Dollar Index Price Analysis: A tough resistance zone holds around 104.50

• The DXY reverses part of the recent two-day advance on Monday.
• The bulls continue to target the 104.50 area in the short term.

He DXY moderates partially the strong rise recorded in the second half of last week and challenges the key 104.00 area on Monday.

If the bulls regain control, the DXY should revisit the monthly high of 104.44 (August 25), just before the May high of 104.69 (May 31). A break of this level could trigger a probable test of the 2023 high at 105.88 (March 8) to reappear on the horizon.

As long as it holds above the key 200-day SMA, today at 103.04, the outlook for the index is expected to remain constructive.

DXY daily chart