Pullbacks seen as buying opportunities

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  • The DXY index corrects lower and revisits the 100.30 region on Wednesday.
  • Occasional bearish moves should be viewed as buying possibilities.

The US Dollar Index (DXY) loses some ground after reaching fresh cycle highs beyond 101.00 on Wednesday.

Price action around the index continues to suggest further upside in the short to medium term. If the yearly high at 101.03 is broken, then there are no resistance levels of relevance until the 2020 high at 102.99 recorded on March 20.

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The index’s current bullish stance remains supported by the 7-month line near 96.50, while the long-term outlook for the dollar looks constructive as long as it is above the 200-day SMA at 95.37.

DXY day chart

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Source: Fx Street

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