USD Index Price Analysis: Further gains now look at 102.40

• DXY resumes the upside on a strong fashion and flirts with 102.00.
• Extra gains could see the May high at 102.40 revisited near term.

DXY rapidly leaves behind Wednesday’s downtick and pokes with the key 102.00 barrier on Thursday.

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 102.75 and 102.95, respectively.

On the downside, there is a formidable contention around the 101.00 neighbourhood for the time being.

Looking at the broader picture, while below the 200-day SMA, today at 105.86, the outlook for the index is expected to remain negative.

DXY daily chart