US Dollar Index Price Analysis: Downside seen as corrective only

• DXY meets some decent resistance in the 95.80 region.
• The upside remains underpinned by the 4-month line near 95.30.

DXY gives away part of the recent strong advance and returns to the 95.50 zone on Wednesday.

The intense upside in the dollar has recently surpassed the 4-month line, today around 95.25, and in doing so it has reinstated the bullish bias in the near term. That said, the next target of note should now come at the YTD high at 96.46 recorded on January 4 ahead of the 2021 high at 96.93 (November 24).

Looking at the broader picture, the longer-term positive stance in the dollar remains unchanged above the 200-day SMA at 93.17.