U.S. Dollar IndexUpdated DXY, Up to 121 ?
DXY is inside a rising channel in monthly time frame and probably will reach to upper bond of channel.
As it is clearly shown in monthly chart , DXY has broken long term major down trend line and there is no major static resistance on it's way up to 121 ! . The only resistance which may be able to push it down is upper bond of mentioned channel ! Can these resistances make confluence at 121? Exciting !.
Daily time frame chart with focus on recent moves shows an up trend line with 5 hits with latest hit being the 5th. A bullish divergence was also formed between stochastic indicator and the chart. Unless seeing failure conditions, every evidence in multi time frame analysis is in favor of more upside move which signals more strong dollar.
I hope this analysis to be helpful and wish you all the best.
As it is clearly shown in monthly chart , DXY has broken long term major down trend line and there is no major static resistance on it's way up to 121 ! . The only resistance which may be able to push it down is upper bond of mentioned channel ! Can these resistances make confluence at 121? Exciting !.
Daily time frame chart with focus on recent moves shows an up trend line with 5 hits with latest hit being the 5th. A bullish divergence was also formed between stochastic indicator and the chart. Unless seeing failure conditions, every evidence in multi time frame analysis is in favor of more upside move which signals more strong dollar.
I hope this analysis to be helpful and wish you all the best.
Note
Dollar re-gains strength. A new higher high? Lets follow.Note
It is heading toward our 121 target. Congrats!Note
Today, We had strong rejection from top of channel. Please note monthly time frame chart. As mentioned in idea only resistance before major static resistance which may be able to push it down is this resistance.
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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.