• DXY meets some selling interest around 103.70 on Tuesday.
• The resumption of the upside could see the YTD high revisited.

DXY partially fades Monday’s moderate advance and comes under downside pressure around 103.40.

Price action in DXY remains supportive of the resumption of the uptrend in place since the beginning of the year. In that scenario, the next up barrier is at the 2022 peak just below the 104.00 yardstick (April 28) prior to 105.63 (December 11 2002 high).

The current bullish stance in the index remains supported by the 8-month line near 96.80, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 95.81.

DXY daily chart