US Dollar Index Price Analysis: Under pressure below the 200-day SMA at 97.70

• The index meets a formidable hurdle in the 97.60 region.
• Extra gains are expected above the 200-day SMA near 97.70.

The index has failed once again to break above the 97.60 region, where sits the 55-day SMA.

The inability to surpass this area in the near-term carries the potential to trigger some consolidation ahead of a resumption of the downside.

Against this backdrop, there are no relevant support levels until late December’s low near 96.30.

The bullish outlook in DXY is expected to return as long as it trades above the 200-day SMA.

DXY daily chart