US Dollar Index Price Analysis: The rally now targets 97.80
|- DXY pushes higher and clinches new tops past the 97.00 mark.
- The June 2020 high at 97.80 should come next for dollar bulls.
DXY extends the advance for yet another session and records new peaks in levels last seen in the summer 2020 further north of the 97.00 barrier on Thursday.
The intense upside in the dollar left behind the previous tops and surpassed the 97.00 yardstick, allowing for the continuation of the rebound for the time being. That said, the door now remains open to a potential move to the June 2020 peak at 97.80 (June 30) ahead of the round level at 98.00.
In the short-term horizon, the upside pressure remains intact while above the 4-month line around 95.45. Looking at the broader picture, the longer-term positive stance in the dollar remains unchanged above the 200-day SMA at 93.32.
DXY daily chart
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