US Dollar Index Price Analysis: Outlook points to further upside

• DXY corrects lower following Friday’s new cycle tops.
• Next on the upside is seen the June 2020 high at 97.80.

DXY meets some selling pressure following the recent tops near 97.50 (January 28).

The intense upside in the dollar quickly left behind the 97.00 barrier and approached the 97.50 level on Friday, always supported by strong fundamentals and amidst a constructive outlook 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 if the index manages to clear recent tops in the short-term horizon.

In the near term, the upside pressure remains intact while above the 4-month line near 95.50. Looking at the broader picture, the longer-term positive stance in the dollar remains unchanged above the 200-day SMA at 93.38.

DXY charts