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USD Index Technical Framework to Watch, Big Resistance Ahead

USD Index Technical Framework to Watch, Big Resistance Ahead

Paul Robinson, Strategist

The other day the US Dollar Index (DXY) trigged the inverse head-and-shoulders pattern while also trading above the March trend-line. This has the upside intact, although momentum is a bit of a concern. That could change, then again it might not. In any event, there is an upward channel developing off the Jan low that traders can use as a guide. Stay above the lower parallel and the trend remains near-term neutral to bullish, but break below and the broader downtrend since March may resume. Big resistance lies ahead at the Sep low of 91.74, a level that will of course be of interest should we soon see it. How price action plays out there could go a long way towards how the medium-term trend plays out.

DXY Daily Chart (Sep low ahead)

DXY daily chart

DXY 4-hr Chart (out of inverse H&S, channel as a guide)

DXY 4hr chart

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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.

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