Can Anything Stop the Greenback?
The greenback has been running for over a year, and it could remain in focus with Jerome Powell testifying on Capitol Hill today.
The main pattern on today’s chart of the U.S. Dollar Index is the 103.82 level. That’s where DXY peaked in January 2017, essentially marking the top for the entire post-2002 period.
Prices first challenged that resistance six weeks ago and paused. They pulled back slightly but managed to bounce above a trendline from earlier in the year.
That was a higher low. DXY quickly proceeded to make a higher high last week. It then pulled back to hold 103.82. That suggests key long-term resistance has not only become support. It’s also become yet another higher low.
Finally, you have a falling trendline over the last week that the index is now attempting to break.
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This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing in cryptocurrencies involves significant risks. Please click here for TradeStation Crypto’s risk disclosures on investing and trading in cryptocurrencies.
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The main pattern on today’s chart of the U.S. Dollar Index is the 103.82 level. That’s where DXY peaked in January 2017, essentially marking the top for the entire post-2002 period.
Prices first challenged that resistance six weeks ago and paused. They pulled back slightly but managed to bounce above a trendline from earlier in the year.
That was a higher low. DXY quickly proceeded to make a higher high last week. It then pulled back to hold 103.82. That suggests key long-term resistance has not only become support. It’s also become yet another higher low.
Finally, you have a falling trendline over the last week that the index is now attempting to break.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. You Can Trade, Inc. is also a wholly owned subsidiary of TradeStation Group, Inc., operating under its own brand and trademarks. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing in cryptocurrencies involves significant risks. Please click here for TradeStation Crypto’s risk disclosures on investing and trading in cryptocurrencies.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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