• DXY clinches fresh monthly highs near 103.80 on Wednesday.
• Further buying pressure could challenges the 104.00 zone.

DXY advances to fresh highs in the 103.75/80 band before losing some momentum on Wednesday.                                                                                             

In case bulls regain the upper hand, the next up-barrier emerges at the 104.00 hurdle prior to the key 200-day SMA, today at 105.73, and the 2023 peak of 105.88 (March 8).

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

DXY daily chart