US Dollar Index Price Analysis: Rising bets for a move to 2021 highs
|- DXY advances further to new highs around 93.20.
- Next on the upside comes in the YTD highs in the mid-93.00s.
The upside momentum in the dollar remains well and sound and lifts DXY to fresh multi-month peaks around 93.20.
In light of the recent price action, further gains remain well on the cards with the immediate target now emerging at the 2021 peaks in the 93.50 zone (March 31).
In the meantime, and looking at the broader scenario, the positive stance on the dollar is expected to remain unchanged as long as the index trades above the 200-day SMA, today at 91.36.
The index, however, is navigating the boundaries of the overbought territory, which could spark some correction in the not-so-distant future.
DXY daily chart
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