US Dollar Index Price Analysis: Further range bound remains on the cards

• DXY fades the initial spike and sinks below 96.00 on Tuesday.
• The next support of note comes near 95.70.

DXY gives away earlier gains and returns to the sub-96.00 zone on turnaround Tuesday.

The index seems to have moved into a consolidative phase for the time being. A close above last week’s top at 96.43 (February 14) should open the door to further upside in the near term, while immediately to the downside comes the 95.70 region.

The short-term constructive stance remains supported by the 5-month line, today near 95.40, while the outlook for the dollar is seen as positive above the 200-day SMA at 93.79 in the longer run.

DXY daily chart