US Dollar Index Price Analysis: Rising bets for a test of 2022 highs

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  • DXY clinches new highs just above the 108.00 mark.
  • There is now scope for a move to the 2022 high past 109.00.

DXY is up for the third session in a row and prints new multi-week tops just north of the 108.00 hurdle on Friday.

The continuation of the upside momentum is now expected to target the YTD high at 109.29 (July 14) ahead of the September 2002 high at 109.77. Up from here emerges the round level at 110.00.

In the meantime, the 6-month support line continues hold the upside around 104.90. Above this zone, the index is expected to keep the short-term positive stance.

Looking at the long-term scenario, the bullish view in the dollar remains in place while above the 200-day SMA at 100.35.

DXY daily chart

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