USD Index Price Analysis: The surpass of 105.00 exposes the 2023 top

• DXY comes under some mild downside pressure on Wednesday.
• Extra advance is seen revisiting the YTD highs near 105.90.

DXY faces some tepid selling pressure and retreats from the area of recent multi-week highs near 104.90 on Wednesday.

If bulls push harder, the index should shift its focus to the round level at 105.00, while the breakout of this level could put a potential test of the 2023 peak at 105.88 (March 8) back on investors’ radar.

While above the key 200-day SMA, today at 103.02, the outlook for the index is expected to remain constructive.

DXY daily chart