US Dollar Index 100.39 Should be Watched for Resistance
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Chart Prepared by Jamie Saettele, CMT
DailyFX Trading Guides and Forecasts
-“DXY continues to trade on parallels that are defined by the 2016 support line (from the May low). The yearly opening price is 102.38 and could influence for a reaction. I’d also pay attention to 100.39 (March 2015 high…here we are 2 years later by the way…basically unchanged!) for support. A break through one of these levels ideally offers something to work with from a trend perspective.” DXY has broken 100.39, which should be watched for resistance now. Focus is on the trendline (originates at May 2016 low) and 200 day average just below 99.00. If that breaks, then DXY is headed to 94.
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