This chart for the US Dollar Index (DXY) on the 2-hour timeframe highlights a clear resistance zone around **109.034–109.278**, where price has rejected multiple times (marked by the orange circles). This indicates strong selling pressure at this level.
### Key Observations:
1. **Double/Triple Top Formation**: The repeated rejection around 109.034 suggests that sellers are defending this area.
2. **Bearish Bias**: The projection arrow indicates a potential bearish move from this resistance zone toward lower support levels around **108.380** and possibly further.
3. **Stop Loss Zone**: The red zone above 109.278 likely represents an invalidation level for any short positions. If price breaks and holds above this zone, it could signal further bullish momentum.
4. **Support Areas**: The highlighted zones below (around **108.380** and **108.000**) serve as potential profit-taking or reversal zones for shorts.
### Potential Trade Idea:
- **Sell Zone**: Around 109.034–109.278.
- **Target 1**: 108.380.
- **Target 2**: 108.000 (if momentum continues).
- **Stop Loss**: Above 109.278.
This aligns with a bearish rejection play at resistance. However, if DXY breaks above 109.278 with strong momentum, you might consider switching bias to bullish. Always watch for confirmation before entering!
### Key Observations:
1. **Double/Triple Top Formation**: The repeated rejection around 109.034 suggests that sellers are defending this area.
2. **Bearish Bias**: The projection arrow indicates a potential bearish move from this resistance zone toward lower support levels around **108.380** and possibly further.
3. **Stop Loss Zone**: The red zone above 109.278 likely represents an invalidation level for any short positions. If price breaks and holds above this zone, it could signal further bullish momentum.
4. **Support Areas**: The highlighted zones below (around **108.380** and **108.000**) serve as potential profit-taking or reversal zones for shorts.
### Potential Trade Idea:
- **Sell Zone**: Around 109.034–109.278.
- **Target 1**: 108.380.
- **Target 2**: 108.000 (if momentum continues).
- **Stop Loss**: Above 109.278.
This aligns with a bearish rejection play at resistance. However, if DXY breaks above 109.278 with strong momentum, you might consider switching bias to bullish. Always watch for confirmation before entering!
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👉JOIN MY TELEGRAM:
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📞TELEGRAM ME
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Free Signals And Technical Chart:
t.me/+JLFlD0eg3LFjNjU8
📞TELEGRAM ME
@t.me/daniel9145
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.