DXY price level has been fluctuating with 2 strong support and resistance level (trend and 99-111 support and resistance level), both illustrated with bold lines. With many upcoming US news, we would see a clearer movement for DXY soon. Having said that, a potential breakthrough at either sides mainly affected by the news. However, my bias is still with the BULLISH movement of DXY as if we look at the overall trend DXY is still in an uptrend. TA also supports a BULLISH potential for DXY, potentially forming a W candlestick formation giving rise to the bull. A weak trend resistance (dotted line) have to be broken first before we see it testing the resistance level. We should also be prepared and adapt to what we see if US news do not go in our favour (least likely as of now). Lets say DXY managed to break this support level with a strong BEARISH movement, we could potentially see it testing the trend support level with a potential breakthrough. Having said all these, my take for DXY is BULLISH but we have to adapt to situations for the next few days with lots of US news which will greatly affect DXY.
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