The bullish outlook remains in place

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  • DXY comes under pressure following recent peaks.
  • A move to 108.00 still appears in store near term.

DXY faces some selling pressure after climbing to new 2023 tops in the 107.30/35 band on Tuesday.

In light of the ongoing price action, extra gains appear likely in the dollar for the time being. Once the index clears the YTD high of 107.34 (October 3), it could encourage bulls to challenge the weekly peak at 107.99 (November 21 2022) just ahead of the round level at 108.00.

In the meantime, while above the key 200-day SMA, today at 103.13, the outlook for the index is expected to remain constructive.

DXY daily chart

 



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