- DXY changes direction sharply and moves above 109.00.
- The next upside barrier comes in at the year’s high near 110.80.
The DXY now challenges three-day highs at 109.56 after an unexpected change in sentiment among investors on the back of a higher-than-expected US CPI.
The short-term dollar bullish view holds as long as it trades above the 7-month support line near 106.30. That said, and in light of current price action, another move towards 20-year highs around 110.80 (Sep 6) should not be ruled out in the short term.
Looking at the long-term scenario, the constructive view on DXY remains unchanged as long as it is above the 200-day SMA at 101.46.
DXY Daily Chart
Source: Fx Street
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