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US Dollar Index-Bearish Wicks Since 12/15 but No Damage Yet

US Dollar Index-Bearish Wicks Since 12/15 but No Damage Yet

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“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.” These levels remain in play. As is the case with EUR/USD and USD/CHF, continued failure at trend extremes warrant caution although there is nothing ‘solidly bearish’ to work with just yet. Weakness below 100.51 (December 2015 high) would suggest a broader reversal.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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