DXY hit our 1 month target. Will it bounce soon?

Exactly 1 month ago we made a bearish call on the U.S. Dollar Index (DXY) after the 1D RSI printed a series of Lower Highs, showcasing a Bearish Divergence:


Target 1 (103.650) has been hit as the price touched the Pivot trend-line of the 11 month Megaphone pattern. We are moving Target 2 higher at 102.500, which is still near the 3.0 Fibonacci extension (the target of the previous 2 Bearish Sequences of the Megaphone) but is also at the bottom of the Channel Up pattern (dotted trend-lines) that may emerge.

With the 1D RSI oversold on that target, as on the July 14 Low, we expect a rebound, and at least on the short-term we will target Resistance 1 (previous Lower High of the bearish sequence) at 104.550 on a potential contact with the 1D MA50 (blue trend-line).

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