USD Index Price Analysis: Near-term consolidation on the cards

• DXY extends the weekly consolidative mood around 103.00.
• The resumption of the buying interest could challenge 103.50.

DXY alternates gains with losses amidst the weekly range bound theme around the 103.00 zone on Wednesday.

While further consolidation seems probable in the very near term, the continuation of the uptrend in place since mid-June could challenge the weekly high at 103.54 (June 30) prior to the May high at 104.69 (May 31), which appears reinforced by the 200-day SMA.

Looking at the broader picture, while below the 200-day SMA at 104.74, the outlook for the index is expected to remain negative.

DXY daily chart