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US Dollar Index Technical Analysis: Rally clinches 2020 tops and targets 97.70

  • The move up in DXY surpasses 97.50 and prints new 2020 highs.
  • The immediate target is now the 200-day SMA around 97.70.

DXY is navigating the area of fresh 2019 highs in the mid-97.00s, extending the weekly recovery for the fourth session in a row.

Above the key 200-day SMA, today at 97.69, the index is expected to regain the constructive outlook.

If the buying interest gathers extra pace, then the 98.00 neighbourhood should come into focus, reinforced by the proximity of a Fibo retracement of the 2017-2018 drop at 97.87 and the 100-day SMA, today at 97.96.

DXY daily chart

 

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