US Dollar Index Price Analysis: Gains capped by the 94.30 region so far

• DXY fades Tuesday’s daily drop and challenges 94.00.
• Next on the upside is located the monthly high around 94.30.

Price action around DXY stays choppy and now returns to the negative territory in the 94.00 region on Wednesday.

Further recovery is now predicted to challenge last week’s tops around 94.30. A move further north from there could pave the way for another visit to the 2021 high at 94.56 (October 12) in the relatively near term.

Looking at the broader picture, the constructive stance on the index is seen unchanged above the 200-day SMA at 92.01.

DXY daily chart