US Dollar Index Price Analysis: Further consolidation looks likely

• DXY’s upside remains capped around the 97.90 zone.
• On the downside, there is strong support near 95.70.

DXY continues to wobble around the 97.00 mark and remains well immersed into the consolidative range between 95.70 and 97.90.

Dollar-bulls need to surpass the 97.90 area – where converge a Fibo level and recent tops – to allow for a potential visit to the critical 200-day SMA at 98.32.

The lower end of the range coincides with June’s lows and a breach of this level on a convincing fashion is expected to lead a test of 2020 lows at 94.65 (March 9).

DXY daily chart