US Dollar Index Technical Analysis: Further consolidation appears likely in the near term

• The index has come under extra selling pressure following the release of Nonfarm Payrolls last Friday.
• The drop in DXY met recent support at 97.15, managing to bounce afterwards to the area above 98.00 the figure, which now emerges as the initial hurdle in case bulls regain control.
• In the meantime, further consolidation is not ruled out while on the broader picture the constructive stance remains unchanged as long as the critical 200-day SMA at 96.23 underpins.

DXY daily chart