Dollar Index analysis
The chart is end-of-day, so updated at the close of December 31.
Today, at least for the moment, the dollar is recovering almost all the loss from the last session. At 7:10 (CET) the futures contract price is $96.37 with today's high of $96.43. It, therefore, seems to want to rebound on the bearish channel's support trendline. To try to reverse the bearish trend, it will be essential to go back above $96.50 and then above $97.00/97.25.
In this sense, we will have a general drop in raw materials but nothing alarming, especially grains and soft that had a bullish final part of 2019, and a rise in the dollar would coincide with a physiological bounce.
However, as long as the price remains within the channel, the trend will be bearish (waiting for the next FOMC meeting).
Today, at least for the moment, the dollar is recovering almost all the loss from the last session. At 7:10 (CET) the futures contract price is $96.37 with today's high of $96.43. It, therefore, seems to want to rebound on the bearish channel's support trendline. To try to reverse the bearish trend, it will be essential to go back above $96.50 and then above $97.00/97.25.
In this sense, we will have a general drop in raw materials but nothing alarming, especially grains and soft that had a bullish final part of 2019, and a rise in the dollar would coincide with a physiological bounce.
However, as long as the price remains within the channel, the trend will be bearish (waiting for the next FOMC meeting).
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