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US Dollar Index Price Analysis: Extra gains point to a test of 98.93

  • The rally in DXY appear to have run out of steam around 98.70.
  • Next on the upside aligns the August 1st 2019 peak at 98.93.

DXY has started the week slightly in the offered camp amidst some profit taking mood. The knee-jerk, however, looks contained in the 98.60 region for the time being.

Looking at the broader picture, the positive outlook on the index is expected to remain unchanged as long as the 200-day SMA, today at 97.73, underpins.

Against this backdrop, the resumption of the bullish trend should target 98.93 (high August 1st 2019).

DXY daily chart

 

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