USD Index Price Analysis: Downside pressure alleviate above 102.50

• DXY adds to the promising start of the week and revisits 101.60.
• Next on the upside comes the monthly high near 102.50.

DXY extends the upside bias seen on Monday and reclaims the 101.50/60 band, or 2-day highs, on Tuesday.

A more serious bullish attempt should clear the monthly high at 102.40 (May 2) to mitigate the downside pressure and allow for a potential advance to the provisional 55- and 100-day SMAs at 102.86 and 103.00, respectively.

Looking at the broader picture, while below the 200-day SMA, today at 105.91, the outlook for the index is expected to remain negative.

DXY daily chart