- DXY extends its consolidation at the upper end of the recent range.
- Immediately to the upside is the 2022 high near 104.20.
The US Dollar Index (DXY) is under some selling pressure and falls well below the 104.00 level on Wednesday.
After the recent movements, the index could face some consolidation in the very short term. The break out of this consolidation could open the door for a visit to the 19-year high at 104.18 (May 9) before the round level of 105.00, which precedes 105.63 (11 Dec 2002 highs).
The index’s current bullish stance remains supported by the 8-month line around 97.00, while the long-term outlook for the dollar looks constructive as long as it is above the 200-day SMA at 96.15.
DXY day chart
Source: Fx Street
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