US Dollar Index Price Analysis: Scope for extra upside

• DXY clinches new cycle peaks near 96.80 midweek.
• Further upside is seen testing the 97.00 yardstick.

DXY pushes higher and records new 16-month tops in the vicinity of 96.80 on Wednesday.

The continuation of the uptrend looks the most likely scenario for the time being. That said, the round level at 97.00 now emerges as the immediate target for dollar bulls ahead of 97.80 (June 30 2020).

In the meantime, while above the 2-month support line (off September’s low) just below 94.00, extra gains in DXY remain well on the table. The broader constructive stance remains underpinned by the 200-day SMA at 92.35.

DXY daily chart