Dollar Index Multiple Time Frame Analysis

In the last week, we saw a sharp fall on the dollar index.

The expanded triangle pattern in the daily chart has been broken out to the downside.

In the weekly time frame, there is also a downtrend. The H&S pattern is broken out to the downside. The neckline (which was an ascending trend line either) has been broken out to the downside and price has pulled back to it.

I expect a bearish trend for dollar index for this month.

If we want to consider a long term target for it, price can fall as the same size as the Head of the H&S pattern which can be really low but let’s be more realistic for now!

There is a strong support level around (89.2 - 88.5) from 2008.
So, I expect a fall first to 89.69 which is one of the daily lows and maybe after that we might see an upside push and a pull back to the daily triangle pattern and then a fall again. If there was a downside breakout on 89.6 level, we can expect more fall to 89.2 and then maybe to 88.5 which are the key levels.