US Dollar Index Price Analysis: Near-term top in place?

• DXY’s weekly rebound met strong resistance at 99.00.
• The resumption of sellers could drag the index to 97.70.

The index reverses part of the weekly recovery and revisits the 98.40 zone at the end of the week.

The 99.00 region demonstrated to be quite a tough nut to crack for dollar bulls so far this week, allowing the re-emergence of some selling bias in DXY on Friday. Against that, a deeper retracement in the dollar could extend to the weekly low in the 97.70 region (March 17) in the near term.

The current bullish stance in the index remains supported by the 6-month line in the 96.00 area, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 94.70.

DXY daily chart