DXY Key Levels to Watch

In the higher time frames (Daily & Weekly) there is an uptrend with bullish candles and we saw the US Dollar got strengthened for several weeks.

Currently, price is above the last week’s and last month’s highs but it couldn’t close above the yesterday’s high (93.170) yet.
There is a strong resistance level at 93.200 which has pushed the price to the downside twice.

Moreover, MACD shows a negative regular divergence.

Bullish Scenario:
If price closes above 93.170 (Daily High), I expect more rise in price to 93.400 which is a resistance level.

Bearish Scenario:
On the other hand, in 1H time frame, a reversal double top pattern is being created and if the neckline broken out and price closes below it, we can expect a fall in price around the weekly and daily levels (92.800 - 92.740) and in the case of the downside breakout on those levels, there would be more fall which can be around 92.500 (Monthly High).

Note: Daily levels are very important to us and we should always keep an eye on them to see what’s the price reaction after touching them.

I’m on the bearish side for DXY. What about you?