US dollar bears take over, but upside potential eyed ahead of Fed – by fx_ross DollarIndex Fed Currencies
The bulls will seek a break of the M-formation's tops with the Fed eyed.
The US dollar measured against a basket of currencies as per DXY, declined 0.1% on the day to 109.68. It reached a two-decade high of 110.79 earlier this month. For the week, it was up 0.6%, and it is up about 15% for the year so far. On Monday just ahead of the Tokyo open, the index is down 0.13% to 109.508 so far.The price has rallied hard and broken through prior resistance that is now acting as support on the daily chart. However. it could bleed out some more into a 38.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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