- The US dollar index (DXY) advances above 108.00 towards new highs.
- Beyond 109.00 comes the 2022 high near 109.30.
The US Dollar Index (DXY) makes new highs above 108.00 at the start of the week.
A continuation of the bullish momentum looks increasingly likely, at least in the short term. With that being said, there is an initial hurdle at the round level of 109.00. Once broken, the yearly high at 109.29 (July 14) should come to the fore ahead of the September 2002 high at 109.77.
Meanwhile, the 6-month support line continues to hold the uptrend just above 105.00. Above this zone, the index is expected to maintain the positive stance in the short term.
As for the long-term scenario, the bullish view on the dollar remains in place as long as it is above the 200-day SMA at 100.42.
DXY daily chart
Technical levels
Source: Fx Street
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