DXY is in a bearish trend for the past six months as you can clearly see in the weekly chart after forming a high near 104 in January. Overall if we look at the past two years we can notice that the dollar index is forming higher highs and higher lows and in the long term trend seems to be bullish but it's too early to say that. We have a weekly cloud resistance at 98-100 level. Breaking above that will resume its bullish trend to form new higher high towards 105-106 area.
In the current situation the dollar has a negative pressure for many months but it seems to be ending soon as we are very near to our medium or longer-term bottom area. I believe the dollar index will form the bottom soon and resume its upward longer-term trend. Bears should protect their short positions as we can see a strong bounce upwards anytime. Selling dollar at this stage looks really risky. Will update my buying advice when I'll see a bounce coming.
In the current situation the dollar has a negative pressure for many months but it seems to be ending soon as we are very near to our medium or longer-term bottom area. I believe the dollar index will form the bottom soon and resume its upward longer-term trend. Bears should protect their short positions as we can see a strong bounce upwards anytime. Selling dollar at this stage looks really risky. Will update my buying advice when I'll see a bounce coming.