US Dollar Index Technical Analysis: Another visit to 97.80 remains well on the cards in the near term

• DXY appears to have found a tough hurdle in the 97.50/60 band ahead of the key testimony by Chief Powell and the FOMC minutes, which should prove to be vital for the near term price action.
• The continuation of the ongoing rally should meet initial resistance at June’s peak at 97.80 ahead of 97.87, a Fibo retracement from the 2017-2018 drop.
• Looking at the broader picture, the constructive view on DXY remains intact while above the 200-day SMA at 96.68. This area is at the same time reinforced by the multi-month support line.

DXY daily chart