USD Index Price Analysis: Another visit to the 2023 top seems likely
|- DXY adds to Friday’s gains and approaches 106.70.
- Next on the upside comes the yearly high past 106.80.
DXY’s upside momentum gathers extra pace and trades at shouting distance from the area of 2023 peaks around 106.70 at the beginning of the week.
In the meantime, extra gains appear likely in the dollar for the time being. Once the index clears the YTD high of 106.83 (September 27), it could encourage bulls to challenge the weekly top at 107.19 (November 30, 2022) prior to another weekly peak at 107.99 (November 21 2022).
In the meantime, while above the key 200-day SMA, today at 103.10, the outlook for the index is expected to remain constructive.
DXY daily chart
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