US Dollar Index Price Analysis: Immediately to the upside comes 95.83

• DXY reverses the initial pullback and returns to the 95.60 area.
• Further gains likely above the 4-month line near 95.30.

DXY manages to bounce off daily lows in the 95.40/45 band on Thursday.

The intense upside in the dollar has recently surpassed the 4-month line, today near 95.30, and in doing so it has reinstated the short-term bullish bias. That said, the next target is seen at the weekly high at 95.83 (January 18) ahead of the YTD high at 96.46 recorded on January 4.

Looking at the broader picture, the longer-term positive stance in the dollar remains unchanged above the 200-day SMA at 93.19.

DXY daily chart