• The upside bias in DXY loses some impetus near 104.50.
• Further upside could revisit the 2023 top around 105.60 near term.

DXY struggles for direction in the upper end of the weekly range around 104.50 on Thursday.

The ongoing price action favours the continuation of the uptrend for the time being. Further bouts of strength should clear the February high at 104.68 (February 23) 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 106.45, the outlook for the index remains negative.

DXY daily chart