Goldman Sachs Research sees a scope for further USD strength in the near-term on restricted energy flows.

"The latest set of data help demonstrate that, other things equal, each day of restricted commodity flows is incrementally positive for the Dollar. We believe that some of the recent underperformance in European currencies, and sharper move in DXY, reflects the concern that a longer disruption will start to more significantly constrain activity in the region," GS notes.

"We think this is an important and likely durable shift in market dynamics that are increasingly reflected in the Dollar rather than being limited to shifts in relative value pairs. Recent moves give USD more room to sell off on risk relief, or renewed tech sector concerns, but we think as long as energy flows remain restricted there is building and broadening appreciation pressure on the Dollar," GS adds.