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  • DXY challenges 2021 highs just below 93.00 on Monday.
  • The next target of note is located at the 93.00 yardstick.

The dollar looks to extend the rally at the beginning of the week, although DXY struggles to gather further upside traction for the time being.

A break above YTD highs in the 92.90 area should allow for the continuation of the uptrend in the very near-term. That said, there is an initial hurdle at 93.00 followed by the November 2020 highs in the 94.25/30 band.

If DXY manages to keep the trade above the 200-day SMA (92.54) on a sustainable basis, then the outlook should shift to constructive.

DXY daily chart