• DXY comes under pressure following new cycle tops.
• Extra advance could see he 100.00. mark revisited near term.

DXY comes under some corrective downside pressure after hitting new cycle peaks around 99.75 earlier on Wednesday.

The rally in DXY remains well and sound despite the ongoing knee-jerk and the dollar remains well positioned to attempt an assault to the psychological 100.00 mark ahead of the May 2020 peak at 100.55.

The current bullish stance in the index remains supported by the 6-month line near 96.30, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 94.98.

DXY daily chart