US Dollar Index Price Analysis: Next on the upside comes the 2022 peak

• DXY adds to Tuesday’s uptick and reclaims the area above 109.00.
• Immediately to the upside comes the cycle high at 109.47 (August 29).

DXY trades on a firmer note and extends the rebound past the 109.00 hurdle on Wednesday.

The index seems to have moved into a consolidative phase, with the lower bound in recent lows near 107.60 (August 26 low). On the other hand, further gains initially target the 2022 high at 109.47 (August 29) prior to the September 2002 top at 109.77 and the round level at 110.00.

In the meantime, while above the 6-month support line around 105.50, DXY is expected to keep the short-term positive stance.

Looking at the long-term scenario, the bullish view in the dollar remains in place while above the 200-day SMA at 100.87.

DXY daily chart