US Dollar Index Price Analysis: Further gains target 100.00

• DXY comes under pressure after hitting new cycle highs.
• Immediately to the upside comes the 100.00 mark.

DXY faces some downside pressure soon after clocking new tops in the 99.80/85 band, levels last seen back in May 2020.

Despite the ongoing knee-jeer, price action around the index continues to suggest further upside in the very near term. That said, the next hurdle of note now emerges at the psychological 100.00 yardstick followed by the May 2020 high at 100.55.

The current bullish stance in the index remains supported by the 6-month line near 96.30, while the longer-term outlook for the dollar is seen constructive while above the 200-day SMA at 95.01.

DXY daily chart