Return of the greenback.
The dollar index was caught by the upward parallel channel from 2008. A break above the resistance level at 91.780 will allow the index to turn the trend and move into the target range in 1Q2021. Economic recovery in the US remains sluggish however and continued stimulus is not positive for the greenback (Latest stimulus agreement concluded yesterday = $900 billion). The inverted hammer candle form yesterday (1 day candle) is an early indication of a possible trend turn.
A break below the major support level of 88.630 will invalidate this idea.
A break below the major support level of 88.630 will invalidate this idea.
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