DOLLAR INDEX Bearish long-term but short-term jump likely.

The DXY is on a bearish day, making a 7month Low, after the U.S. CPI report matched the 6.5% forecast. With 1D technicals deep in red (RSI = 35.059, MACD = -0.730, ADX = 22.946), the 1D Death Cross last week (January 5th) and the Bearish Cross on the MACD, keep the trend bearish within the 2month Channel Down, targeting 101.260 (May 30th Low)

However, with the RSI hitting its Higher Lows (HL), the trend-line which has given short-term bounces within the Channel Down, we see more likely a quick jump to the top (or even marginally above it to the 1D MA50) of the Channel, before pursuing the lower target.



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