US Dollar Index Price Analysis: Next on the upside emerges 107.40

• DXY trades without a clear direction around 106.40.
• Occasional bullish attempts target the weekly high near 107.40.

DXY attempts a consolidative move in the 106.50 region on Thursday amidst a cautious tone prior to the release of July’s Nonfarm Payrolls on Friday.

In the meantime, occasional gains in the index should meet the initial resistance at the post-FOMC top at 107.42 (July 27), which is deemed as the last defense for an assault of the 2022 high at 109.29 (July 14).

Further near-term upside remains on the cards while above the 6-month support line, today at 104.15.

Furthermore, the broader bullish view in the dollar remains in place while above the 200-day SMA at 99.68.

DXY daily chart