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US Dollar Index Asia Price Forecast: DXY grinds up, challenges 98.00 figure

  • DXY is up for the second consecutive day. 
  • Targets to the upside remain near 98.20 and 98.50 levels.
 

DXY daily chart

 
The US dollar index (DXY) is bouncing from last Friday’s retracement. The market is trading back above the main simple moving averages (SMAs). 
 

DXY four-hour chart

 
DXY created a v-shaped recovery settling above the 97.85 level and just below the ascending trendline. This week bulls will need to push the market above the 98.20 resistance in order to prevent a longer consolidation in the 97.50-97.85 range. The inverse head-and-shoulders pattern is keeping the bullish bias intact.
  

Additional key levels

 

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