US Dollar Index Price Analysis: Recovery seen struggling near 94.00

• DXY moves higher although meets resistance in the 93.60 zone.
• The 94.00 neighbourhood emerges as the next hurdle of relevance.

The index is extending the weekly rebound although bulls has so far failed to extend the move further north of multi-day highs around 93.60.

The continuation of the upside needs this area to be cleared on a convincing fashion to allow for a potential test of the 94.00 neighbourhood, or August’s tops. This area of resistance is also reinforced by the proximity of the 55-day SMA, today at 93.95.

The negative outlook in DXY is seen unchanged while below the 200-day SMA, today at 97.21.

DXY daily chart