USD Index Price Analysis: Immediately to the upside emerges 103.60

• DXY comes under pressure and disputes the 103.00 support.
• Bulls now target the July high at 103.57 (July 6).

The upside momentum in the greenback appears somewhat dented and motivates DXY to give away part of the recent gains and recede to the 103.00 region on Wednesday.

In the meantime, the index maintains the bullish view well in place with the immediate hurdle now emerging at the August top of 103.45 (August 14) just ahead of the July peak of 103.57 (July 6).

It is worth noting that this area of monthly highs appears reinforced by the key 200-day SMA, today at 103.23.

Looking at the broader picture, while below the latter, the outlook for the index is expected to remain negative.

DXY daily chart