USD Index Price Analysis: Extra gains target the May high near 104.80

• DXY adds to Friday’s gains well north of the 104.00 barrier.
• Further upside is seen revisiting the May top around 104.80.

DXY’s rebound picks up pace and tests 2-day highs past the 104.00 hurdle on Monday.                                                                                      

Considering the current price action, further advances could initially see the May top of 104.79 (May 31) revisited in the relatively near term. From here, the index could target the minor hurdle at the round level of 105.00 ahead of the crucial 200-day SMA, today at 105.56.

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

DXY daily chart