USD Index Price Analysis: Decent support emerges around 106.00
- DXY picks up upside traction and reverses two daily pullbacks in a row.
- The continuation of the rebound targets the 106.80 region.
DXY leaves behind the pessimism seen in the first half of the week and revisits the low-106.00s on Wednesday.
In case the bullish impulse accelerates, the surpass of the weekly high of 106.78 (October 12) could encourage the index to embark on a potential test of the 2023 top of 107.34 (October 3) in the short-term horizon.
In the meantime, while above the key 200-day SMA, today at 103.25, the outlook for the index is expected to remain constructive.
DXY daily chart
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