US Dollar Trades into Horizontal Level from August 2015 and March
Chart Prepared by Jamie Saettele, CMT
-Focus remains towards an estimated channel top above 99.00 although I’d be aware of horizontal levels at 98.33/58 as near term roadblocks (NOW). These horizontal levels are defined by the August 2015 and March 2016 highs. There is one interesting tidbit worth mentioning regarding the EUR/USD and DXY relationship. Non-confirmations between these 2 markets (EUR/USD accounts for 57% of DXY) warn of ‘traps’ or false breakouts and non-confirmation is precisely the order of the day as DXY has surpassed its July high but EUR/USD remains above its July low. Stay tuned…
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