US Dollar Index Former Channel Resistance Provides Support

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent DXY comments have focused on the channel that originates from the May low, specifically former channel resistance. In fact, I noted last update that “99.83, along with former channel resistance, should be watched for support.” The low for the move thus far is 99.85 and is right on the former channel line. The implication is bullish while above 99.85. Weakness below 99.85 could lead to an important reversal.