After the US dollar index broke out of the descending channel as we previously mentioned, it is now testing the strong resistance level at 105.70. It is likely to bounce back to form the first shoulder of the head and shoulders pattern, possibly towards 103.850 or even 103.750 to retest the previous support level and the ascending annual trend line. This would form the right shoulder of the head and shoulders pattern, providing a good buying opportunity up to the neckline above.
I will closely monitor the market to seize entry and exit opportunities based on analysis within the trading channel, hoping to profit from these expected price movements.
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