US Dollar Index Price Analysis: Further gains now target 105.00 and above

• DXY records new cycle tops near 104.20 on Monday.
• The continuation of the bullish stance could reach 105.00.

DXY extends the move higher and clinches fresh peaks in the vicinity of 104.20 at the beginning of the week.

That said, if the rebound picks up further pace, then the index could challenge the round level at 105 prior to 105.63 (December 11 2002 high).

The current bullish stance in the index remains supported by the 8-month line in the boundaries of 97.00, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 96.04.

DXY daily chart