US Dollar Index Technical Analysis: The multi-month support line at 97.11 should hold the downside

• DXY managed to rebound from recent lows in the 97.20 region following a sharp rejection from YTD peaks in the boundaries of 99.00 the figure recorded last Thursday.
• The 97.11/96.97 band, where converge the multi-month resistance line and the critical 200-day SMA should offer strong contention and is expected to hold the downside for the time being.
• Above this area, the constructive outlook on the buck is seen unchanged. Next on the upside now appears a Fibo retracement at 97.87 and the 10-day SMA at 97.95.

DXY daily chart