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US Dollar Index – Channel Line for Resistance is Slightly Higher

US Dollar Index – Channel Line for Resistance is Slightly Higher

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last updated remarked, “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.” The buck has indeed turned up after piercing the December ECB low. If a broader decline is underway, then resistance probably needs to register (again) near the channel line that has been resistance and support since Brexit.

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