US Dollar Index Technical Analysis: The 55-day SMA still offers decent contention

• DXY is looking to add to Monday’s gains in the mid-98.00s after meeting strong support in the 98.30/20 band in past sessions. This area is also coincident with the proximity of the key 55-day SMA.
• If sellers regain control, a deeper pullback to the Fibo retracement of the 2017-2018 drop at 97.87 should not be ruled out ahead of a test of the 100-day SMA at 97.80.
• The resumption of the uptrend should initially visit the 21-day SMA at 98.78 ahead of last week’s top at 99.25.

DXY daily chart