US Dollar Index Technical Analysis: Further gains expected above 98.00

• The leg lower in DXY met decent contention in the 97.70/65 band so far.
• The constructive outlook on the buck remains unaltered above the 200-day SMA.

The index is extending the bounce off recent lows and it has now regained the key 98.00 neighbourhood on the back of the renewed offered note in the euro and the British pound.

Immediately to the upside emerges interim hurdles at the 10-day SMA (98.12) and the 55-day SMA (98.24) ahead of monthly tops in the vicinity of 98.50 (November 13^th).

Above 98.50, the upside pressure is expected to gather extra steam and advance to the 99.00 mark and above.

In the meantime, as long as the 200-day SMA at 97.56 underpins, the positive outlook on DXY is seen unchanged.