US Dollar Index technical analysis: Rallies to fresh 27-month high, eyes on long-term resistance-line

• DXY extends its north-run to fresh multi-month high, targeting 21-month old trend-line.
• May month top can act as immediate support during the pullback.

Carrying its previous north-run forward, the US Dollar Index (DXY) surges to the fresh high since May 2017 as it takes the bids to 98.90 on Thursday morning.

Bulls now target an upward sloping trend-line connecting highs marked in November month of 2017 and 2018, at 99.53 now. However, 99.00 round-figure might offer an intermediate halt to the greenback gauge’s rally.

In a case, the quote keeps rising past-99.53, the 100.00 psychological magnet will lure the buyers.

On the flip side, May month high around 98.38 can act as immediate support during the pullback where sellers will look for increasing strength on the break of 61.8% Fibonacci retracement of 2017 swing highs to 2018 swing low, near 97.88.

DXY weekly chart

Trend: Bullish