DXY Dollar Index Update Near term Neutral
Having found some support off the 91.76 blue line the Dollar
is efffectively in neutral right now, trapped in a narrow range
between support at 91.99 and resistance at 92.11. It now has
to break 92.11 to attract more buyers up to 92.32 - and then
will need another push from still more buyers to get it up to
92.49-92.55 range at best before it falls away again. Near
term downside is limited by support at 91.99 and has to
break lower to attract more bears from here...so near term
stagnation, waiting for break, as above. But the dollar is
trying hard to turn back up from here for a counter-rally - a
break above 92.11 will confrm this. And if it doesn't come
soon on US open then it's likely to fall away again to retest
the lows at 91.81-91.76 once 92.01 gives way.
Chart action over the last 12 hours or so ihas been mildly
positive for DXY- but it only remains this way so long as 91.99
can continue to hold from here
Having found some support off the 91.76 blue line the Dollar
is efffectively in neutral right now, trapped in a narrow range
between support at 91.99 and resistance at 92.11. It now has
to break 92.11 to attract more buyers up to 92.32 - and then
will need another push from still more buyers to get it up to
92.49-92.55 range at best before it falls away again. Near
term downside is limited by support at 91.99 and has to
break lower to attract more bears from here...so near term
stagnation, waiting for break, as above. But the dollar is
trying hard to turn back up from here for a counter-rally - a
break above 92.11 will confrm this. And if it doesn't come
soon on US open then it's likely to fall away again to retest
the lows at 91.81-91.76 once 92.01 gives way.
Chart action over the last 12 hours or so ihas been mildly
positive for DXY- but it only remains this way so long as 91.99
can continue to hold from here