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US Dollar Index Price Analysis: Upside still capped by 97.70

  • The index keeps pushing higher in the 97.50 region.
  • Extra gains are expected above the 200-day SMA near 97.70.

The index keeps the weekly consolidation alive around the 97.40/50 band.

If the buying pressure persists, the next target of relevance comes at the critical 200-day SMA near 97.70 ahead of the Fibo retracement of the 2017-2018 drop at 97.87.

The bullish outlook in DXY is expected to return as long as it trades above the 200-day SMA.

DXY daily chart

 

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