Categories: Markets

US Dollar Index Price Analysis: Constructive Views Above 200-Day SMA

US Dollar Index Price Analysis: Constructive Views Above 200-Day SMA
  • DXY resumes gains and advances towards fresh highs near 103.70
  • It now looks likely to continue to rally above the 200-day SMA.
  • The DXY puts behind Thursday’s small dip and rises to fresh multi-week highs near 103.70 by the end of the week.

Meanwhile, the US Dollar Index (DXY) keeps the bullish view well entrenched, with the immediate hurdle now at the May high of 104.69 (May 31) ahead of the 2023 high of 105.88 (March 8).

It should be noted that this zone of monthly highs seems to be reinforced by the proximity of the key 200-day SMA, today at 103.20.

From a broader perspective, a convincing break above the 200-day SMA should shift the outlook for the index to a more constructive one.

DXY daily chart

Source: Fx Street