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US Dollar Index Channel Still Dominant

US Dollar Index Channel Still Dominant

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

US Dollar Index Channel Still Dominant

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-Recent DXY updates have noted that “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…the 55 day average is up here too.” Resistance is holding and a possible head and shoulders top is evident and would confirm on a drop under the February low. Even then, trendline support registers below 98.00. Watch for range support near 99.80.

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

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