USD Index Price Analysis: Further range bound appears in store near term

• DXY regains the upside and advances past the 102.00 yardstick.
• Extra consolidation around 102.00 seems likely in the short term.

DXY fades Tuesday’s downtick and reclaims the area above the 102.00 mark on Wednesday.

The index so far keeps the erratic performance this week. The resumption of the uptrend should face initial hurdle at the April high just above 103.00 (April 3), while bouts of weakness remain underpinned by the sub-101.00 region.

Looking at the broader picture, while below the 200-day SMA, today at 106.27, the outlook for the index is expected to remain negative.

DXY daily chart