US Dollar Index Price Analysis: Decent resistance aligns at 105.00
|- DXY leaves behind two daily pullbacks in a row.
- Further up comes the weekly peak near 105.00.
DXY regains the smile and manages to stage quite a moderate bounce to the area well north of the 104.00 mark on Tuesday.
Ideally, the index should surpass the weekly high near 105.00 (June 22) in the near term to allow for the recovery to gather momentum and attempt a visit to the nearly 20-year peak in the 105.80 zone (June 15). On the flip side, a breach of the lower bound of the range carries the potential to force the index to challenge the weekly low at 103.42 (June 16).
As long as the 4-month line near 102.20 holds the downside, the near-term outlook for the index should remain constructive.
Looking at the longer run, the outlook for the dollar is seen bullish while above the 200-day SMA at 97.95.
DXY daily chart
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