• DXY picks up bids to renew intraday high inside weekly rising channel.
• A U-turn from 50-SMA, bullish MACD signals also keeps buyers hopeful.
• Monthly horizontal support defends bulls, descending resistance line from early March in focus.

US Dollar Index (DXY) refreshes intraday high around 98.80 during Thursday’s Asian session, up for the second consecutive day inside a short-term bullish channel formation.

In addition to the weekly ascending trend channel, bullish MACD signals and the quote’s latest rebound from 50-SMA also hint at the further upside.

As a result, a 13-day-old resistance line, near 99.10, gains the market’s attention with the 99.00 threshold likely restricting immediate upside.

It should be noted, however, that the upper line of the stated channel, close to 99.25 at the latest, will challenge the DXY bulls afterward.

On the contrary, pullback moves remain elusive until breaking 98.55 level, comprising 50-SMA and the aforementioned channel’s lower line.

Even so, a horizontal area from late February and a six-week-long ascending trend line, respectively around 97.70 and 97.50, will challenge the US Dollar Index declines.

US Dollar Index: Four-hour chart

Trend: Further upside expected