The US Dollar Index price (DXY) is declining within a multi-month long rising channel after touching the top borderline and rolling over.
The US Dollar Index has been trading in a rising channel for several months. After touching the top of the channel it reversed course and started to fall towards the lower channel line. Price is close to support and the RSI is oversold signaling a likely pause in the downmove. The US Dollar Index price is declining within a multi-month long rising channel after touching the top borderline and rolling over.
Dollar Index 4-hour Chart Dollar Index price is now falling close to a sturdy support level at 104.97 composed of several old peaks occurring at that height. The green 200 Simple Moving Average also lies close at 105.09 and will probably offer support. The probability price could find a floor is increased by the fact that the Relative Strength Index is potentially signaling oversold – depending on the close of the current bar.
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