US Dollar Index's Bullish View Remains Unchanged
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- DXY trims part of Tuesday’s intense advance above 110.00.
- Further bouts of strength could see the dollar retest yearly highs.
DXY gives away some gains following the post-CPI sharp upside to the 110.00 region on Wednesday.
Despite the ongoing knee-jerk in the dollar, its short-term bullish view remains unchanged while above the 7-month support line around 106.30.
If sellers push harder, then a potential visit to the weekly low at 107.58 (August 26) could start emerging on the horizon just ahead of the interim 55-day SMA at 107.43.
In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 101.53.
DXY daily chart
