US Dollar Index Price Analysis: DXY nearing two-month’s highs, eyeing the 98.20 level

The inverse head-and-shoulders pattern is lifting the market.
The upside target can be located near the 98.20 level.

DXY daily chart

The US dollar index (DXY) is challenging the 100-day simple moving average (SMA) while trading within a bullish channel.

DXY four-hour chart

DXY is trading above the main simple moving averages (SMAs) and a bullish trendline, suggesting a constructive bias in the medium term. The greenback is breaking out from an inverted head-and-shoulders formation which is lifting the market above the 97.85 resistance and potentially targetting the 98.20 level on the way up.

Additional key levels

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