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The US Dollar Index (DXY) is currently trading within a long-term upward channel. Despite a recent 10% correction from its September 2022 high of 114.78, the index has found support near the 98.51 level, which coincides with the bottom trendline of the 18-year channel. A decisive close above 99.45 could signal a continuation of the bullish trend, with potential targets around 109.14 and ultimately the upper boundary of the channel. Conversely, a break below 98.51, and more critically below 88.97, would invalidate the bullish outlook and suggest further downside for the dollar.