In our previous analysis of the dollar index, we mentioned that it would rebound from the supposed neckline of the head and shoulders pattern, and indeed it did.
It is now forming another shoulder before ascending again towards the neckline and attempting to break it upwards. Our focus on the rebound location may be at the level of 103.75, which is considered a meeting point for a support level with an annual rising trendline. It may decrease slightly to test the level of 103.5.
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The previous analysis was altered due to the disruptive events on the US dollar, including the bankruptcy of a major bank and investors' shift towards safe havens such as gold.
