US Dollar Index Price Analysis: Short-term top around 110.00?

• DXY corrects lower after hitting 20-year tops around 110.00.
• Occasional weakness in the dollar could be a buying opportunity.

DXY gives away part of Thursday’s strong advance to new cycle highs just below the 110.00 mark.

The short-term bullish view in the dollar remains well in place for the time being and propped up by the 7-month support line, today around 105.65. The surpass of recent peaks, however, could face the next barrier at the weekly highs at 111.90 (June 6 2002) and 113.35 (May 24 2002).

Looking at the long-term scenario, the bullish view in the dollar remains in place while above the 200-day SMA at 100.99

DXY daily chart