US Dollar – Resistance Stretches to 96.80s
Chart Prepared by Jamie Saettele, CMT
-The clearest section of recent DXY price action is the 3 wave rally from the May low. That alone suggests that the path of least resistance is lower. Of course, weakness from the July high isn’t impulsive either (but could be motive), which leaves the wave picture unclear. Pay attention to the rising trendline just below price. Weakness below would be the best signal yet that a breakdown is underway. Downward slope is defined by the December-January trendline and also serves as the bearish invalidation level.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.