USD Index Price Analysis: Rising bets for a test of 114.00 near term

• DXY extends the upside momentum north of 111.00.
• Further rebound remains focused on the 114.00 region and above.

DXY climbs to fresh 4-session highs near 111.30 at the beginning of the week.

The index seems to have met a decent support near 109.50 (October 27). The continuation of the rebound could then target the area of monthly peaks around 114.00.

The near-term upside bias is expected to hold while above the 8-month support line near 108.50. The proximity of the 100-day SMA also reinforces this area of contention.

In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 104.15.

DXY daily chart