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US Dollar Index Breaks 2016 Trendline; 99.50s is Estimated Resistance

US Dollar Index Breaks 2016 Trendline; 99.50s is Estimated Resistance

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

Real Time Positioning

-“Today was the 8th test of the trendline that originates at the 2016 low since August. I don’t have a strong opinion on direction right now but the barriers are the January-March line and 2016 trendline. A move on either side of these lines (daily close) ideally ushers in the next directional move.” The drop below the line indicates a potentially major trend change. If DXY bounces, then pay attention to the underside of the line (99.50s) for resistance.

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

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