DXY: Starting a new Channel Up rally into Summer.

The U.S. Dollar Index is near the oversold zone on its 1D technical outlook (RSI = 37.232, MACD = -1.040, ADX = 33.922) having reached the bottom of the 9 month Channel Up. The 1D RSI was oversold last week but is seen rebounding. This is exactly the kind of formation we had on the previous bottom of the Channel Up as well as the December 28th 2023 low.. The selling sequences that led to those lose have been almost the same as today's (-6.32% and -5.74%). The last Channel Up bullish wave reached exactly the 1.618 Fibonacci extension. Consequently we can go long here with an acceptable risk, targeting the top of the Channel Up (TP = 113.000).


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