US Dollar Index Price Analysis: Short-term target emerges at 107.00
|- DXY keeps the weekly bounce well in place near 106.80.
- Extra upside appears likely once 107.00 is surpassed.
DXY quickly fades Tuesday inconclusive price action and resumes the upside to the upper end of the recent range near 106.80.
The continuation of the upside momentum could extend to the August high near the 107.00 mark (August 5). The breakout of this level should motivate the index to challenge the post-FOMC meeting high at 107.42 (July 27).
Looking at the broader scenario, the bullish view in the dollar remains in place while above the 200-day SMA at 100.22.
DXY daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.