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US Dollar Index Reversal Pattern Target at 104.23

US Dollar Index Reversal Pattern Target at 104.23

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-“DXY continues to trade on parallels that are defined by the 2016 support line (from the May low). There is talk of a possible head and shoulders top, which would confirm on a drop under the February low.” An inverse head and shoulders pattern has actually triggered now and the objective is 104.23 (new high). The yearly opening price is 102.38 and could influence for a reaction but only weakness below 100.66 would negate the bullish development.

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

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