US Dollar Index Price Analysis: Interim hurdle emerges at 93.20

• DXY resumes the upside following Monday’s retracement.
• Monthly tops in the 93.20 region come up next.

DXY rebounds from earlier lows in the vicinity of 92.50 on turnaround Tuesday.

Further rangebound around current levels is likely ahead of the key FOMC event on Wednesday. On the upside, there is an interim hurdle at the monthly tops near 93.20 (July 21) ahead of the 2021 high in the mid-93.00s.

In the meantime, and looking at the broader scenario, the positive stance on the dollar is expected to remain unchanged as long as the index trades above the 200-day SMA, today at 91.35.

The index, however, is navigating the boundaries of the overbought territory, which could spark some correction in the not-so-distant future.

DXY daily chart