USD Index Price Analysis: Next on the upside comes 104.21

• DXY adds to Monday’s advance and surpasses 103.80.
• Further gains look on the cards above the 200-day SMA.

DXY extends the upside bias so far this week and flirts with multi-session tops in the 103.80/85 band on Tuesday.

If the key 200-day SMA (103.57) is surpassed on a sustainable fashion, the index is expected to face more sustained gains to, initially, the weekly top of 104.21 (November 22) ahead of the transitory 100-day SMA at 104.41.

In the meantime, above the key 200-day SMA, the outlook for the index is expected to shift to bullish.

DXY daily chart