FxWirePro
Short

US Dollar Index Short term outlook

INDEX:DXY   U.S. Dollar Index
286 2 3
US Dollar index             has broken neckline of Head and shoulder pattern 97.40 and this confirms short term weakness, a decline till 95.30 (23.6% retracement of 100.39 and 78.90) cannot be ruled out .

On the upside major resistance is around 98.21 and any short term trend reversal can happen only above that level. Break above would extend gains till 98.75/99.15.The minor resistance is around 97.55

US Dollar index             minor support is around 96.75 and break below will drag further down till 96/95.35 in short-term.

Indicator (4 hour chart)

CCI (50) – Sell

Woodies CCI (14) – Sell

Ichimoku- Sell

It is good to sell around 96.85-96.90 for the target of 95.35 with stop around 97.60.


whynot1977
2 years ago
what will happen now, neck line is broken. it will be come up again neck line? what is your comment ?
Reply
FxWirePro whynot1977
2 years ago
Neckline break confirms weakness and there is chance of decline till 95.50
Reply
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