Continued positive news flow and events have seen the Dollar strengthening over past few months and the DX has now closed above 90 for the first time in several years. There seems to be a very high degree of consensus among analysts about continued strengthening of the Dollar.
However the prices have now reached the top channel of the pitchfork on the weekly charts. In addition, I find that the RSI charts have a clear divergence pattern. Of course, we do need trend reversals to confirm the high that seems to be getting suggested here. But I believe its time to turn neutral on the Dollar trends and await signs of weakening upon which one could begin a shorting campaign.
However the prices have now reached the top channel of the pitchfork on the weekly charts. In addition, I find that the RSI charts have a clear divergence pattern. Of course, we do need trend reversals to confirm the high that seems to be getting suggested here. But I believe its time to turn neutral on the Dollar trends and await signs of weakening upon which one could begin a shorting campaign.
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