US Dollar Index-First Range Expansion Level Reached
Chart Prepared by Jamie Saettele, CMT
-Recent DXY comments have focused on the channel that originates from the May low, specifically former channel resistance. “Former channel resistance has provided support this week (except for a few seconds below on the ECB spike). The action is bullish and only weakness below the line (near 99.85) would indicate a behavior change and risk of a reversal.” Fast forward 2 days and DXY has pushed to its best level since December 2002. The range expansion objective (measured from December 2015 high to May 2016 low) is 109.10. 61.8% of the relationship is 105.82.
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