USD Index Price Analysis: Another visit to 114.00 remains in store

• DXY comes under pressure and revisits the 112.30 zone.
• The resumption of the upside still targets 114.00 and above.

DXY partially fades Wednesday’s strong advance after the index failed to extend the bounce further north of the low-113.00s on Thursday.

The index, in the meantime, looks poised to keep navigating within a 112.00-114.00 range at least until the next FOMC event. In case bulls break above the 114.00 region, gains could then accelerate to the 2022 peak near 114.80.

The prospects for extra gains in the dollar should remain unchanged as long as the index trades above the 8-month support line near 108.20.

In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 103.61.

DXY daily chart