Invesco DB US Dollar Index Bullish ETF (UUP Quick QuoteUUP - Free Report) is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 7.88% from its 52-week low price of $26.40 per share.

Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.

UUP in Focus

The underlying Deutsche Bank Long USD Currency Portfolio Index - Excess Return is a rules-based index composed solely of long U.S. Dollar Index futures contracts that trade on the ICE futures exchange. The product charges 0.70% in annual fees (see: all Currency ETFs).

Why the Move?

The U.S. dollar has strengthened in recent sessions, climbing to a 13-month high against a basket of major currencies, supported by growing expectations of further Fed rate hikes and increased safe-haven demand amid recent broad selloff across technology and semiconductor stocks, as per Reuters.

According to TradingView, the U.S. Dollar Index (DXY) has gained 0.37% in the latest trading session and 0.95% over the past five days. The index has risen 2.67% over the past month and 3.59% year to date.

More Gains Ahead?

Currently, UUP has a Zacks ETF Rank #3 (Hold) and has a Medium ETF Risk. It might continue its strong performance in the near term, with a positive weighted alpha of 5.90 (as per Barchart.com), which gives cues of a further rally.