#DXY US Dollar Index Forecast Bullish
Today I am charting the The US Dollar Index ( DXY ) on a monthly chart over a multi-year period.
The chart shows a long term descending parallel channel (generally bullish), which the DXY has been trading in. Most recently it has broken a multi-year resistance zone, created through a double bottom pattern, and now looking to test the top of the channel around $109-$110.
If the DXY breaks out of the descending parallel channel, we can see the price go to around $150-$155.
If the price gets rejected at the channel top, the price can go back down to as low as $60-65, which will create a triple bottom (generally bullish pattern).
Naturally this is a multi-year chart so it will take time.
When zooming out, the US Dollar price looks very bullish in the long-term.
What are your opinions on this? I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
The chart shows a long term descending parallel channel (generally bullish), which the DXY has been trading in. Most recently it has broken a multi-year resistance zone, created through a double bottom pattern, and now looking to test the top of the channel around $109-$110.
If the DXY breaks out of the descending parallel channel, we can see the price go to around $150-$155.
If the price gets rejected at the channel top, the price can go back down to as low as $60-65, which will create a triple bottom (generally bullish pattern).
Naturally this is a multi-year chart so it will take time.
When zooming out, the US Dollar price looks very bullish in the long-term.
What are your opinions on this? I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
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