The U.S. greenback index is knocking on a few main resistance indicators!
Will this result in DXY extending its 2023 downtrend?
Let me present you what’s cookin’ on the day by day time-frame:
U.S. Greenback Index (DXY) Day by day Foreign exchange Chart by TV
In the event you’ve been watching the U.S. greenback index, you then’ll know that DXY has been consolidating on the 103.50 space since reaching the realm final week.
And why not? Not solely is 103.50 near the R1 Pivot Level degree on the day by day time-frame, nevertheless it’s additionally close to the chart’s 200 SMA.
Extra importantly, DXY’s present ranges line up with the highest of a descending channel that’s been stable since late December.
Is the U.S. greenback in for extra losses?
It’s undoubtedly an choice particularly if DXY will get rejected from its present ranges.
Look out for a transfer under the 102.80 or 102.00 areas of curiosity because it might open up downswings that would attain the 100.00 psychological deal with.
In fact, for those who’d quite carry on shopping for the Dollar, then you too can guess on an upside breakout.
A protracted commerce above the channel and the R1 resistance zone, for instance, might work if there’s sustained shopping for stress above the 104.00 earlier excessive.
What do you suppose? Can DXY prolong its 2023 downtrend within the subsequent couple of days?