US Dollar Index Price Analysis: Further upside now targets 115.00

• DXY surpasses the 114.00 mark and prints new cycle peaks.
• Immediately to the upside now comes the 115.00 hurdle.

DXY adds to the ongoing rally and climbs above the 114.00 barrier for the first time since May 2002.

The prospects for extra gains in the dollar should remain unchanged as long as the index trades above the 7-month support line near 106.80. That said, occasional bouts of weakness could be deemed as buying opportunities with the immediate target now emerging at the round level at 115.00 ahead of the May 2002 high at 115.32.

In the longer run, DXY is expected to maintain its constructive stance while above the 200-day SMA at 102.12.

DXY daily chart