US Dollar Index – Perfect Tag of Support Line
Chart Prepared by Jamie Saettele, CMT
-The last DXY update noted that “DXY has broken 100.39(March 2015 high), which should be watched for resistance now. Focus is on the trendline (originates at May 2016 low) and 200 day average just below 99.00. If that breaks, then DXY is headed to 94.” The mentioned trendline has held (low was 98.86). The trendline hold is clearly a positive in the very near term. 100.39 (maybe a little higher…like 100.66) is still of interest for resistance.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.