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- USD Index Price Analysis: Further upside seen above 114.00
USD Index Price Analysis: Further upside seen above 114.00
- DXY reclaims part of the ground lost and advances to 2-day highs.
- The surpass of the 114.00 region could pave the way for extra gains.
DXY sets aside two daily pullbacks in a row and extends further the recent breakout of the 112.00 barrier on Wednesday.
So far, the index looks poised to keep navigating within a 112.00-114.00 range at least until the next FOMC event. In case bulls break above the 114.00 region, gains could then accelerate to the 2022 peak near 114.80.
The prospects for extra gains in the dollar should remain unchanged as long as the index trades above the 8-month support line near 108.10.
In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 103.52.
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