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  • DXY advances to the 94.30 region on Monday, losing momentum afterwards.
  • Further upside impetus could see the 94.70/75 band revisited soon.

DXY briefly tests the 100-day SMA in the 94.30 area earlier on Monday, although it runs out of steam soon afterwards.

Further upside now aligns the September’s top at 94.74, although immediate consolidation is expected however on the back of increasing cautiousness ahead of the US elections on November 3.

While below the 200-day SMA, today at 96.60, the negative view on the dollar is expected to persist.

DXY daily chart