US Dollar Index Technical Analysis: Correction from new 2019 highs seen at the 21-day SMA at 97.70

• DXY clinched fresh YTD highs in the boundaries of the 98.40 region on Thursday before receding and close the day in the red territory.
• Some consolidation is not ruled out in the near term, although the persistence of the selling bias should meet decent support around 97.70, where sits the 21-day SMA .
• Further out, the constructive stance in the greenback should remain intact while above the key 200-day SMA at 96.41. This area of contention is reinforced by the short-term support line at 96.55.

DXY daily chart