USD Index Price Analysis: Sustained gains likely above 103.50

• DXY navigates an inconclusive range around the 103.00 area.
• Further advances could retarget recent tops in the mid-103.00s.

DXY exchanges ups and downs around the 103.00 neighbourhood amidst a generalized range bound theme in the global markets.  

There is room for further gains in the very near term, with the immediate up-barrier at the weekly high at 103.54 (June 30). The breakout of this level could open the door to a move to the May high at 104.69 (May 31), which appears reinforced by the 200-day SMA, today at 104.79.

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

DXY daily chart