DXY at the bottom of the 1-year Channel Up.

The U.S. Dollar Index (DXY) has started trading within a Channel Up pattern of Higher Highs initially since the beginning of the year (2023). The price is at the moment almost on its bottom, which will be the 2nd Higher Low since July 14. Since the October 03 top after which has entered the corrective (bearish) leg, the index is within a very tight (hence aggressive) Channel Down that hasn't seen a retrace yet.

As a result, the probability of a rebound becomes stronger on each candle, especially now that the Channel Up has bottomed. The price measurements are so far quite symmetrical as you can see. The previous Bearish Legs have been on -4.83% and -4.94% declines respectively, and so far the first phase of the current one has been -4.59%. Right now the 2nd phase is at 5.00%, which is within the tolerance levels.

If it prices a bottom now, we will buy and target 104.500, which will be on the 0.5 Channel Fibonacci level and marginally below the 0.618 horizontal Fibonacci level (which is where the first consolidation took place on the previous Bullish Leg on August 16). If however the Channel Up breaks downwards, we will wait for a 2nd and final buy entry at 99.125, which will reresent a -4.96% decline from the recent Lower High. That buy will target 13.900.

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