Daily

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

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.