Chart of the Day: U.S. Dollar Index
Forex Analytix | Jan 04, 2023 12:23AM ET
The US dollar index had a strong day to start the year and it is threatening a break higher after a 3-month move lower from the multi-year highs. We are currently testing the depicted descending channel and a break above 105 will also trigger a double bottom targeting 106.60. We expect this move to most likely be corrective but that doesn't mean that it can't extend for at least several days. The closer we get in such a case towards 109 the better the R/R opportunity to be short but that is a topic of a future post. Happy new year.
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