Today I am charting the The US Dollar Index ( DXY ) on a monthly chart over a multi-year period.
The chart shows a long term descending parallel channel (generally bullish ), which the DXY has been trading in. The chart shows major touch points where the DXY is either supported or crosses support and resistance lines on the multi-year period.
Currently if DXY heads upwards, it will be headed to the 110-112 S/R area then to 118-120 S/R area. If DXY gets rejected, it will be headed to 103 then possibly back to 93.
This is a multi-year chart so don't expect everything to move quickly. When zooming out, the US Dollar price looks very bullish in the long-term.
What are your opinions on this? I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk