USD Index Price Analysis: Underlying upside bias remains intact

Market news

28 September 2023

USD Index Price Analysis: Underlying upside bias remains intact

DXY comes under pressure after printing new YTD tops.
Extra gains target the 107.00 hurdle and beyond.

DXY faces some downside pressure and abandons the area of 2023 highs in the 106.80/85 band on Thursday.

Despite the ongoing technical correction, extra gains appear likely for the time being. The surpass of the year high could encourage the index 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 103.08, the outlook for the index is expected to remain constructive.

DXY daily chart

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