US Dollar Index Price Analysis: Scope for further gains near term

• DXY clinches new peaks in the boundaries of 103.00 on Tuesday.
• Interim hurdles come at Fibo levels ahead of the 2022 top.

DXY adds to the weekly recovery and already approaches the key 102.00 mark on Tuesday.

Considering the ongoing rebound, extra gains appear on the cards with immediate targets at the Fibo levels (of the mid May-late May sell-off) at 103.15, 103.58 and 104.21. Further north of these levels emerges the 2022 high around 105.00 printed on May 13.

As long as the 3-month line around 101.10 holds the downside, the near-term outlook for the index should remain constructive.

Looking at the longer run, the outlook for the dollar is seen bullish while above the 200-day SMA at 97.08.

DXY daily chart