US Dollar Index Price Analysis: Some consolidation looks likely near term

• DXY reverses the recent strength and drops below 96.00.
• The positive stance remains unchanged above the 5-month line.

DXY fades two consecutive sessions with gains and drops to as low as the 95.70 region on Monday.

The index seems to have moved into a consolidative phase for the time being. A close above last week’s top at 96.43 (February 14) should open the door to further upside in the near term.

The short-term constructive stance remains supported by the 5-month line, today near 95.40, while the outlook for the dollar is seen as positive above the 200-day SMA at 93.76 in the longer run.

DXY daily chart