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- US Dollar Index Price Analysis: Bets for a test of the 2022 high remain intact
US Dollar Index Price Analysis: Bets for a test of the 2022 high remain intact
- DXY regains the smile following Tuesday’s marked drop.
- Above the 109.00 mark the dollar could revisit the YTD highs.
DXY fades Tuesday’s decline and returns to the positive territory with the next target at the 109.00 neighbourhood.
The continuation of the upside momentum looks increasingly likely in the very near term. That said, beyond the 2022 high at 109.29 (July 14) the index could challenge the September 2002 peak at 109.77 prior to the round level at 110.00.
In the meantime, while above the 6-month support line near 105.10, the index is expected to keep the short-term positive stance.
Looking at the long-term scenario, the bullish view in the dollar remains in place while above the 200-day SMA at 100.55.
DXY daily chart
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