• DXY faces some headwinds soon after hitting fresh tops near 103.60.
• Next on the upside emerges the May high around 104.70.

DXY now succumbs to some renewed selling pressure and abandons the area of multi-week highs around 103.60 on Thursday.

In the meantime, the index maintains the bullish view well in place with the immediate hurdle now emerging at the May top of 104.69 (May 31) ahead of the 2023 peak of 105.88 (March 8).

It is worth noting that this area of monthly highs appears reinforced by the key 200-day SMA, today at 103.21.

Looking at the broader picture, while below the latter, the outlook for the index is expected to remain negative.

DXY daily chart