Granted, the end of July was not bullish for the US dollar index ($DXY) as it fell back from its high of 93.19 to close at 92.09. The $DXY looked like it was going to take out its previous 4-month high of 93.43, but did not have the fundamentals to extend its rally. Despite all this, I still see the $DXY in a major (long-term) uptrend with a next upside target of 94.47. This trend began with a bullish spike reversal during January 2021, with Wave 1 of the 5-wave pattern peaking during March 2021. Note monthly stochastic remain near the oversold level of 20%, a factor that could attract global investment money.

Then again, there are those pesky fundamentals.