US Dollar Index Price Analysis: The next target is now at 98.40

• DXY struggles for direction albeit always above the 97.00 mark.
• Immediately to the upside aligns the 200-day SMA at 98.39.

DXY has so far met resistance in the 97.55/60 band, extending the rebound from recent 3-month lows in the 95.70 region (June 10).

If the recovery picks up a more serious tone, then there is an interim hurdle at 97.87 (Fibo level of the 2017-2018 drop) ahead of the more relevant 200-day SMA, today at 98.39.

Above the 200-day SMA, the dollar’s outlook is expected to shift to positive.

DXY daily chart