US Dollar Index Technical Analysis: Weekly upside capped just above 98.00

• The recovery in DXY met tough resistance in the 98.00 area so far.
• The prospect on the index stays positive while above the 200-day SMA.

The index is now prolonging the consolidation after the recent failure to extend the march north beyond the key barrier at 98.00 the figure.

Immediately to the upside now emerge the 10-day SMA (98.08), the 100-day SMA (98.03) and the weekly tops.

Further up aligns the 98.50 region, or monthly highs. A sustainable break of this hurdle should pave the way for a move to 99.00 and beyond.

In the meantime, as long as the 200-day SMA at 97.56 holds the downside, the constructive outlook on DXY is seen unchanged.