Mahtab_Tradia

DXY Daily Chart Analysis

Short
TVC:DXY   U.S. Dollar Currency Index
As you see in the daily chart , price is bouncing in the ascending parallel channel but it seems like the bullish pressure is decreasing and US dollar is going to be weak.

Currently, price is below the Friday’s low (92.780) but still above weekly low (92.500).

Moreover, a reversal triple top pattern has been created inside the channel.

Since parallel channels are likely to be broken out to the opposite side, if price breaks the weekly low to the downside and closes below it, we can expect a fall around 91.500 which is a support level and then to 91.00

Otherwise, if the weekly low wasn’t broken out and it pushed the price to the upside, price will stay in the channel and rises to the channel’s upper band around 93.300
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Comments

so far so good, reasonable targets
+1 Reply
Loving it!
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good look
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cool...
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I have the same post and bias on DXY also :) good job
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excellent analysis. thanks for sharing. I wish you good luck in trading
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Looks very good, thanks for sharing
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I love your color scheme. DXY has been very hard to predict, but I like how you showed more than one possibly (and direction).

Out of curiosity, how do you go about deterring 93.4 as a resistance level?

Great analysis, thanks.
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Lovely chart, as per usual
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