US Dollar Index Price Analysis: Next target… the moon?
- The rally in DXY stays unabated around the mid 99.00s.
- Further north emerges the 2019 high near 99.70 (October 1st).
DXY keeps pushing higher in the first half of the week and is already trading at shouting distance from the 2019 top near 99.70.
The market remains bid despite the current overbought levels in the dollar, as occasional dips are quickly reversed, and the uptrend resumed. That said, it should not be surprising a test of the triple-digit resistance in the short-term horizon.
Looking at the broader picture, the constructive perspective on the dollar is seen unaltered as long as the 200-day SMA at 97.79 holds the downside.
DXY daily chart