US Dollar Index Price Analysis: Recovery seen struggling near 94.00

• DXY rose markedly on Wednesday after reaching new YTS lows.
• A strong barrier emerges at the 94.00 zone, or monthly highs.

DXY is trying to extend Wednesday’s bounce off new 2020 lows near the 92.00 mark, area last visited in May 2018.

The ongoing rebound should be deemed as corrective only (it comes from the oversold territory) and is predicted to meet strong hurdle in the 94.00 neighbourhood, where sit monthly peaks.

The negative view on the dollar is expected to remain unchanged while below the 200-day SMA, today at 97.69.

DXY daily chart