DXY on the verge of bearish break down
Since the end of March we have been stuck in the channel between ~100.5 and ~98.3.
Now everything looks like we can break the magic support of 98.30. If we do we should see a trend behavior across USD pairs and it would also be bullish on precious metals (gold, silver,...).
If we break below the channel we have 2 obstacles in the way ~97.15 and ~96.50 where I expect a little struggle or highs being formed. Still if we break we should have a nice way down all the way to 95 where major consolidation is expected.
I do not trade DXY but it will have impact on all USD pairs and as mentioned above decline of USD will have strong bullish implication for Gold and Silver.
Now everything looks like we can break the magic support of 98.30. If we do we should see a trend behavior across USD pairs and it would also be bullish on precious metals (gold, silver,...).
If we break below the channel we have 2 obstacles in the way ~97.15 and ~96.50 where I expect a little struggle or highs being formed. Still if we break we should have a nice way down all the way to 95 where major consolidation is expected.
I do not trade DXY but it will have impact on all USD pairs and as mentioned above decline of USD will have strong bullish implication for Gold and Silver.
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