In this chart I had to stop myself from drawing too many lines. The trendlines make it clear to see that the greenback is stuck in a steep, downwards channel. The RSI is trending upwards, possibly indicating that the DXY is overbought even while the price is trending downwards. After breaking past it’s downward sloping support at the 91 level, it has traded sideways in the downward channel and is about to hit the top of the channel.
Personally, I’m not seeing any indicators of bullish price action, so I expect the price and RSI to hit resistance and fall. The RSI is about to get wedged between a resistance line and support line, so expect a breakout in either direction. A close past 94 might cause me to change my bearish outlook.
Personally, I’m not seeing any indicators of bullish price action, so I expect the price and RSI to hit resistance and fall. The RSI is about to get wedged between a resistance line and support line, so expect a breakout in either direction. A close past 94 might cause me to change my bearish outlook.
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