US Dollar Index Price Analysis: Rally could now extend to 105.00

• DXY’s upside momentum gathers extra steam.
• The dollar clinches new cycle tops around 104.70.

The dollar keeps the bid bias unchanged and pushes DXY to new 19-year peaks in the 104.70 region on Thursday.

Considering the ongoing price action, further gains in the index remains well on the cards and with the immediate hurdle at the round level at 105.00 ahead of 105.63 (December 11 2002 high). Further up, the index is expected to challenge the December 2002 high at 107.31.

The current bullish stance in the index remains supported by the 8-month line around 97.00, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 96.21.

DXY daily chart