US Dollar July High May Act as a Pivot

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last updates noted that “DXY spiked into the channel today before reversing. The response indicates clear overhead and risk is heightened on the long side” and that “sentiments regarding a high risk situation at the channel remain but there is no reason to suspect that top tick for anything more than a hiccup is in place.” DXY has pulled back sharply. If the swing is still higher, then the 7/25 high at 97.57 needs to hold as support.