FXHighway

US DollarIndex draws a negative pattern that requires caution

Long
INDEX:DXY   US DOLLAR CURRENCY INDEX
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3
Target: 91.00
Risk: 87.35

The Dollar Index still inside the ascending channel , and stochastic still positive, but we should note that there is a negative technical formation being completing now, the confirmation level at 88.20.

Breaking this level might push the Dollar Index out of this channel to trade below its support line, especially after holding below the bullish trend line that carries the Index since the end of last October.


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Comments

Great spot! I saw the same thing...
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Thank you ,,
The index is retesting the broken support now,, negotiating the new resistance formed at 88.75.
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The neckline is broken, and we should carefully monitor the behavior when reaching 87.35 ...

Holding above this support will keep the trading normal inside the bullish channel, while breaking below it will turn the index to head south
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