USD Index Outlook: Bulls Consolidate Under Key Barriers At 92.51/63

The dollar eased after overnight’s spike above 92.00 mark and retest of Friday’s high, but keeping firm tone against the basket of currencies.

Bulls are consolidating under pivotal barriers at 92.51/63 (new 2021 high, the highest in four months / Fibo 61.8% of 94.78/89.15), break of which would signal continuation of recovery from Jan 6 low (89.15) as near-term action is supported by strong bullish momentum and underpinned by formation of a higher base at 91.30 zone, while last week’s bullish engulfing adds to positive signals.

Repeated daily close above 10DMA (91.73) is needed to confirm bullish stance, with dip-buying to remain favored above 91.60 (bull-trendline from 90.27).

Res: 92.00, 92.16, 92.51, 92.63.
Sup: 91.73, 91.51, 91.42, 91.27.