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- US Dollar Index Price Analysis: Rising bets for a retest of 110.00
US Dollar Index Price Analysis: Rising bets for a retest of 110.00
- DXY abruptly changes direction and advances past 109.00.
- The next up barrier emerges at the YTD high near 110.80.
DXY now challenges 3-day highs in the mid-109.00s following an unexpected change of heart among investors in the wake of higher-than-expected US CPI.
The short-term bullish view in the dollar remains in place as long as it trades above the 7-month support line near 106.30. That said, and in light of the current price action, another move to the 20-year highs around 110.80 (September 6) should not be ruled out in the near term.
Looking at the long-term scenario, the constructive view in DXY remains unchanged while above the 200-day SMA at 101.46.
DXY daily chart
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