DXY (INDEX) analysis
This chart shows the U.S. Dollar Index (DXY) on the 1-hour timeframe. Key observations:
1. **Support Zone**: The shaded grey area around 108.800–109.000 is acting as a strong support zone, with multiple rejections visible.
2. **Rounded Retest**: There seems to be a rounded retest pattern forming, suggesting bullish momentum might build if the price sustains above this level.
3. **Structure**: Break of structure (BOS) and change of character (ChoCh) markers indicate recent shifts in momentum. The latest BOS suggests the potential for bullish continuation.
4. **Key Resistance**: Immediate resistance is visible near 109.400–109.600. A breakout above this could lead to further upside.
5. **Strategy**: Watching for bullish confirmation above the support zone or at breakout levels could be prudent. Alternatively, failure to hold this zone may lead to bearish pressure.
1. **Support Zone**: The shaded grey area around 108.800–109.000 is acting as a strong support zone, with multiple rejections visible.
2. **Rounded Retest**: There seems to be a rounded retest pattern forming, suggesting bullish momentum might build if the price sustains above this level.
3. **Structure**: Break of structure (BOS) and change of character (ChoCh) markers indicate recent shifts in momentum. The latest BOS suggests the potential for bullish continuation.
4. **Key Resistance**: Immediate resistance is visible near 109.400–109.600. A breakout above this could lead to further upside.
5. **Strategy**: Watching for bullish confirmation above the support zone or at breakout levels could be prudent. Alternatively, failure to hold this zone may lead to bearish pressure.
Trade active
DXY reaching its resistance zone is a critical point. Keep an eye on whether it breaks above or rejects this level. If it breaks and retests successfully, my bullish continuation scenario might unfold perfectly. If it rejects, you might get a pullback to reassess.
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If you want to receive more Analysis signals, please join our Telegram channel. t.me/+JLFlD0eg3LFjNjU8
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.