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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