romanreyhani

DXY survives ... for now...

TVC:DXY   The U.S. Dollar Index
DXY             regains its footing and surges back over 92.63 which represents a multi-year support / resistance level as well as the bottom range of a descending channel . Candlestick formation today suggests a short term bottom has been found. If the support level gives way, we're heading lower and the double top formation will be complete.

However, today might also be the beginning of a move back up in the dollar. Although it's still early, whenever price has moved to today's support level over the past 18 months, it was followed by significant pushes higher, with a minimum target of 96.5.
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