USD Index Price Analysis: immediately to the upside comes the YTD high

• DXY loses some upside impetus and retreats to the sub-105.00 area.
• Bulls continue to target the 2023 high around 105.60 in the short term.

DXY comes under pressure following fresh tops near 105.40 on Monday.

The ongoing price action favours the continuation of the uptrend in spite of 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 106.48, the outlook for the index remains negative.

DXY daily chart