As I expected in my previous analysis about Dollar Index, we saw a big decrease from 93.00 to 92.600
In Daily chart, price is still bouncing on the ascending trend line which acts as a strong dynamic support level.
On the other hand, it seems like price is making a reversal Head & Shoulder pattern and currently it is about to make the right shoulder.
So, I expect a rise from this level to 93.200 which is a resistance level and also is around the left shoulder’s top…then we can expect a rejection from 93.200 to the downside and a breakout on the neckline and the weekly low (92.600) and also on the ascending trend line and a fall to the monthly low (91.800) in the future:
(By the way, we should remember that it is end of the month now and the monthly low which is our long-term target would be different and I will update this analysis later).
What do you think about DXY’s future?
Feel free to share your ideas in the comments.
In Daily chart, price is still bouncing on the ascending trend line which acts as a strong dynamic support level.
On the other hand, it seems like price is making a reversal Head & Shoulder pattern and currently it is about to make the right shoulder.
So, I expect a rise from this level to 93.200 which is a resistance level and also is around the left shoulder’s top…then we can expect a rejection from 93.200 to the downside and a breakout on the neckline and the weekly low (92.600) and also on the ascending trend line and a fall to the monthly low (91.800) in the future:
(By the way, we should remember that it is end of the month now and the monthly low which is our long-term target would be different and I will update this analysis later).
What do you think about DXY’s future?
Feel free to share your ideas in the comments.
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