This post on DXY is pretty hard to contimplate but what is in the charts is in the charts. We have resistance that began to form around 2001 and that has been tested and confirmed both around the end of year 2016 and just recently in 2019.
The support has an even greater history, establishing itself from late 1987 to 1995 and then being confirmed in 2008. We have a consolidation triangle and a pop up to target and a bit of over-performance to get us to the resistance line and now the chart shows the possibility of chopping sideways for a couple of years or breaking down to the support line of the triangle. From there we drop like a stone to new lows or consolidate deeper into a macro triangle.
It doesn't help DXY that EURUSD, its larget is primed to move in favor of the euro
Also CNYUSD, while not a component of DXY is at the base of a channel and looking to move in favor of CNY
And also not part of the index is the Mexican Peso, which also looks to break against the dollar.
Really all this suggest to me that I should continue to buy gold
and silver
The support has an even greater history, establishing itself from late 1987 to 1995 and then being confirmed in 2008. We have a consolidation triangle and a pop up to target and a bit of over-performance to get us to the resistance line and now the chart shows the possibility of chopping sideways for a couple of years or breaking down to the support line of the triangle. From there we drop like a stone to new lows or consolidate deeper into a macro triangle.
It doesn't help DXY that EURUSD, its larget is primed to move in favor of the euro
Comment:
Ooops, I posted the eurodollar instead of dxy. Here is DXY.
And I promise every Floridian that you will all be rich... because we're gonna print some more money! Why didn't anybody ever think of this before?
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~Nathan Explosion
Silver/CNY looks like an acceding triangle.