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US Dollar Index (DXY) Charts: Pressuring Support, May Break Soon

US Dollar Index (DXY) Charts: Pressuring Support, May Break Soon

2020-07-20 11:00:00
Paul Robinson, Strategist

DXY Highlights:

  • US Dollar Index (DXY) pressuring support
  • Neat channel on 4-hr could turn into acceleration

US Dollar Index (DXY) pressuring support

The US Dollar Index (DXY) has been soft lately, and with pressure coming on support if it can’t quickly turn around we may see an acceleration as important levels give-way. The trend-line from 2018 is in serious question at the time of this writing, with a daily close below the June low at 95.72 considered validation that the trend-line has been fully broken.

A confirmed break should lead to at least an important test of the March low at 94.65, which is also located near the 2014 trend-line. The 2014 trend-line is a big one given it connects an inflection point from prior to the massive rally of 2014/15 with the 2018 low, another meaningful point in time.

How it acts at that juncture we will just have to wait and see, of course, but between here and there we may at least see some much desired momentum come into the DXY and USD-pairs. Looking at the 4-hr chart, price has been stuck inside a solid channel structure, but if support breaks we will likely see the lower parallel broken as well leading to increased selling pressure.

With the channel in mind, as long as the DXY stays contained inside the structure or below it the bias will remain neutral to down. It will require a break of the upper parallel to bring the top-side into play. If that is going to happen, then doing so from support here appears to be the best case scenario for the Dollar.

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US Dollar Index (DXY) Daily Chart (pressuring support)

DXY daily chart

U.S. Dollar Currency Index (DXY) Chart by TradingView

US Dollar Index (DXY) 4-hr Chart (neat channel keeps it pointed lower)

DXY 4hr chart

U.S. Dollar Currency Index (DXY) Chart by TradingView

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---Written by Paul Robinson, Market Analyst

You can follow Paul on Twitter at @PaulRobinsonFX

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