After weeks of sideways action and bearish pressure the U.S. Dollar Index (DXY) is showing signs of life again. A key breakout has just occurred and bulls may now have their sights set on higher levels
🧠 Technical Insights:
Falling Channel Structure: DXY has been trending inside a descending channel but we’re now seeing a potential breakout above the resistance line of that structure
Range Breakout Price was consolidating in a range between 98.00–98.70. A clean break above this zone signals a potential shift in momentum.
Support Turned Resistance: The 98.70 area, previously acting as range resistance, may now serve as strong support for bullish continuation
Support: Zone
98.70 – Fresh breakout level
98.60 – Local structure support
Targets: Zone
99.66 – First upside target
100.05 – Key resistance and psychological milestone
🔼 Outlook:
As long as DXY holds above the 98.70–98.60 support zone, bullish continuation is favored. A successful retest of this area could lead to a move toward the 100.00 resistance mark. This may also have ripple effects across major forex pairs and commodities.
Thank you for the continued support—your likes and comments keep this community growing and motivate me to deliver even more valuable analysis!
best regards –TrendZelda!
🧠 Technical Insights:
Falling Channel Structure: DXY has been trending inside a descending channel but we’re now seeing a potential breakout above the resistance line of that structure
Range Breakout Price was consolidating in a range between 98.00–98.70. A clean break above this zone signals a potential shift in momentum.
Support Turned Resistance: The 98.70 area, previously acting as range resistance, may now serve as strong support for bullish continuation
Support: Zone
98.70 – Fresh breakout level
98.60 – Local structure support
Targets: Zone
99.66 – First upside target
100.05 – Key resistance and psychological milestone
🔼 Outlook:
As long as DXY holds above the 98.70–98.60 support zone, bullish continuation is favored. A successful retest of this area could lead to a move toward the 100.00 resistance mark. This may also have ripple effects across major forex pairs and commodities.
Thank you for the continued support—your likes and comments keep this community growing and motivate me to deliver even more valuable analysis!
best regards –TrendZelda!
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.