My Analysis of the DXY Chart
Looking at this chart, the DXY is moving within an ascending channel defined by the two white trendlines. Based on my analysis, there are a few key levels to watch, especially the Fibonacci retracement levels.
First, if the price starts to drop from the upper boundary of the channel, it is likely to retrace down to the 0.61 Fibonacci level. This is an important support zone, and the price might bounce back up from here.
However, if the 0.61 Fibonacci level doesn’t hold, the price could continue falling towards the 0.78 retracement level. This level is a much stronger support and could trigger a significant reversal if the price reaches it.
Finally, the lower boundary of the channel, marked by the white trendline, serves as the ultimate area of support. If the price falls this far, there’s a strong chance it will bounce back upward within the channel.
This analysis highlights the key zones where the price is likely to react and helps identify the next potential moves for the DXY
First, if the price starts to drop from the upper boundary of the channel, it is likely to retrace down to the 0.61 Fibonacci level. This is an important support zone, and the price might bounce back up from here.
However, if the 0.61 Fibonacci level doesn’t hold, the price could continue falling towards the 0.78 retracement level. This level is a much stronger support and could trigger a significant reversal if the price reaches it.
Finally, the lower boundary of the channel, marked by the white trendline, serves as the ultimate area of support. If the price falls this far, there’s a strong chance it will bounce back upward within the channel.
This analysis highlights the key zones where the price is likely to react and helps identify the next potential moves for the DXY
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