US Dollar Index Choppy Drop Pierces the ECB Low
Chart Prepared by Jamie Saettele, CMT
-DXY has ‘stair stepped’ lower to begin 2017. Something interesting happened on 1/30 though. The high for the day was on channel resistance that had provided support for December ECB (12/8). So, ‘resistance turned support’ provided resistance again. Allowing for turn higher here after taking out the December ECB low, risk is for weakness towards the bottom of the channel which lines up with the 200 day average.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.