US Dollar Index Price Analysis: Extra gains look likely near term

• DXY pushes higher and clocks new highs past 95.00.
• The index remains poised to extend the upside above 94.50.

DXY adds to Wednesday’s stabbing advance and manages to break above the key 95.00 yardstick to record new cycle highs.

Both the macro and the technical outlooks favour extra gains in the dollar for the time being. That said, while above former tops in the mid-94.00s (October 12) the index is expected to edge higher to, initially, the round level at 96.00.

Looking at the broader picture, the constructive stance on the index is seen intact above the 200-day SMA at 92.11.

DXY daily chart