- The DXY continues to press higher and is targeting the 91.40 region.
- Bullish attempts face the next hurdle at the 2021 highs at 91.60.
The US Dollar Index (DXY) extends the bullish run and once again surpasses the 91.00 area, opening the door to a likely visit to multi-week peaks in the 91.35 / 40 band (March 2 high).
A breakout of 91.40, ideally in the short term, carries the potential to trigger a move towards the yearly peaks around 91.60 (February 5 high), where the index is expected to hit a hard barrier.
Despite the strong rebound, the current spike in DXY is considered only corrective, as the broader bearish view still weighs on the dollar. If the 91.60 region is breached, then the next focus of attention should shift to the Fibonacci retracement level (from the 2020-2021 dip) at 92.46.
Long-term, as long as the DXY is trading below the 200-day SMA (92.96), the negative stance is expected to persist.
DXY day chart
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