US Dollar Index Price Analysis: Focus now shifts to 109.00 and above

• DXY advances further north of the 108.00 level to new highs.
• Beyond 109.00 comes the 2022 high near 109.30.

DXY clinches new highs further north of the 108.00 mark at the beginning of the week.

The continuation of the upside momentum looks increasingly likely in the very near term at least. That said, there is an initial hurdle at the round level at 109.00. Once cleared, the YTD high at 109.29 (July 14) should come to the fore ahead of the September 2002 high at 109.77.

In the meantime, the 6-month support line continues hold the upside just above 105.00. Above this zone, the index is expected to keep the short-term positive stance.

Looking at the long-term scenario, the bullish view in the dollar remains in place while above the 200-day SMA at 100.42.

DXY daily chart