The next upside target is the 2021 high

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  • The DXY index reverses recent weakness and rises back to the 94.20 area.
  • A further rise is expected to revisit the yearly high at 94.56.

The DXY US Dollar Index gains for the first time after three consecutive daily setbacks, including a drop to new weekly lows around 93.75 (Oct. 14).

The corrective decline appears so far supported near 93.70. If the nascent recovery gains traction, then there are no significant hurdles until the 2021 high of 94.56 recorded on October 12, ahead of the round level at the 95.00 barrier.

Looking at the bigger picture, the constructive stance on the DXY index remains unchanged as it hovers above the 200-day SMA, today at 91.80.

DXY index daily chart

DXY index technical levels

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