US Dollar Index – Focus on Former Highs for Reactions
Chart Prepared by Jamie Saettele, CMT
-There is no change to the DXY chart or comments. “Monday’s (11/14) close settled above channel resistance, indicating potential for upside acceleration (could be a ‘blow-off’). The importance of the break through resistance is accentuated by the fact that channel resistance (former now) was support earlier this week (on 11/17 dip).” DXY hasn’t disappointed, having traded through the 2015 highs. Former highs at 99.83 and 101.51, along with former channel resistance, should be watched for support.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.