Dollar DXY H1
After a strong rally for the dollar and now it is resisted by the trendline and potential to see more downside for the dollar in the near term. It looks like an H&S is forming and the potential target for the lower support would be 105.2/105, 104.7/104.5 and below that 104.120 to complete this pattern. Breaking above 106 will invalidate this idea.
Trade closed: target reached
Target achieved at 104.1
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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.