US Dollar Index Price Analysis: DXY bounces off intraday low above 94.00

• DXY pares intraday losses around weekly top, picking up bids of late.
• Ascending trend channel, sustained trading above 200-HMA favor buyers.
• One-week-old horizontal area adds to the upside filters.

US Dollar Index (DXY) takes a U-turn from intraday low while picking up bids to 94.25 during early Thursday.

The greenback gauge poked the yearly high before easing from 94.44 the previous day. However, the weekly rising trend channel and the quote’s sustained trading beyond 200-HMA keep buyers hopeful. Hence, the US Dollar Index upside towards the yearly peak of 94.50 gains more support.

Though, a short-term horizontal hurdle around 94.40-45 and the resistance line of the stated channel near 94.55 act as additional resistances to challenge the optimists.

On the flip side, a convergence of 100-HMA and the channel’s support line near 94.10 put a floor under the DXY before highlighting the 200-HMA near 93.85.

Even if the bears manage to conquer the 93.85 support, the latest swing low near 93.65 will be in focus for the bear’s entry.

DXY: Hourly chart

Trend: Further upside expected