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US Dollar Index Nearly Covers Channel in 2 Days

US Dollar Index Nearly Covers Channel in 2 Days

2016-11-10 22:04:00
Jamie Saettele, CMT, Sr. Technical Strategist
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US Dollar Index Nearly Covers Channel in 2 Days

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Charts don’t predict. Rather, the interpretation of trend and identification of price levels aid in tactics. The most recent comments for DXY were “the major trend defining test is the May-August trendline (channel bottom) and 200 day average (currently 95.82).” The reaction low after the election was 95.89. Did the chart ‘predict’ that the market was going there? Of course not. But, if you had this chart on hand Tuesday night, you’d be aware of the potential for big support on the drop. 1 day later and DXY is already nearing channel resistance.

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