Categories: Markets

Next upside target at 104.00

  • The DXY index is seeing some selling interest around 103.70 on Tuesday.
  • Resumption of the rise could see the yearly high revisited.

The DXY partially retraces Monday’s moderate advance and is under downward pressure around 103.40.

The price action in the DXY index continues to support the resumption of the uptrend from the beginning of the year. In that scenario, the next barrier to the upside is at the 2022 high just below the 104.00 level (28 Apr), before targeting 105.63 (11 Dec 2002 high).

The current bullish stance in the DXY index remains supported by the 8-month line near 96.80, while the long-term outlook for the dollar looks constructive as long as it remains above the 200 SMA today. 95.81.

US dollar index DXY daily chart

US Dollar Index DXY Technical Levels

Source: Fx Street

Published by
Derek Black

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