US Dollar Index Price Analysis: Further upside likely on a close above 99.00

• DXY reverses Tuesday’s pullback and targets 99.00.
• Next on the upside aligns the weekly top at 99.29 (March 14).

DXY resumes the weekly recovery, although a test/surpass of the 99.00 still remains elusive for USD-bulls.

The continuation of the bid tone in the index carries the potential to extend to the next target of note at the 99.00 neighbourhood ahead of the weekly high at 99.29 (March 14). The breakout of this level should put a test of the 2022 peak at 99.41 (March 7) back on the radar sooner rather than later.

The current bullish stance in the index remains supported by the 6-month line just below 96.00, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 94.63.

DXY daily chart