- The DXY advances further to new highs around 93.20.
- The next bullish target is at this year’s highs in the 93.50 area.
The upward momentum in the dollar remains strong and lifts the US dollar index (DXY) to new multi-month highs around 93.20.
In light of recent price action, additional gains are still well within the charts with the immediate target emerging at the 2021 peaks at the 93.50 zone (March 31 high).
Meanwhile, looking at the broader picture, the positive stance on the dollar is expected to remain unchanged as the DXY trades above the 200-day SMA today at 91.36.
The index, however, is navigating the limits of overbought territory, which could trigger some correction in the not-too-distant future.