DXY is starting a rebound to at least 106.000

8月16日

The U.S. Dollar Index (DXY) has been trading within a 19-month Channel Up pattern and this week (as well as on August 05), it almost reached its bottom (Higher Lows trend-line). This is a Double Bottom formation so far, which is a bullish pattern, that was also formed on the 1D RSI.

The last time the RSI completed this formation, we've had a bottom that gave way to a strong Bullish Leg. Most rallies/ declines within this pattern have been between a 4.00% to 5.00% range.

As a result, we turn bullish on DXY now, targeting 106.00, which is just below a potential +4.00% rise and almost on the 0.5 Fibonacci level of the Channel Up.

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