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US Dollar Short-term Outlook: USD Battle Lines Drawn at Major Support
The US Dollar Index is testing technical support after plunging more than 2.2% off the yearly highs. The weekly opening-range is set just above multi-month uptrend support and the focus is on a breakout in the days ahead with the bears vulnerable above 104. Battles lines drawn on the DXY short-term technical charts into the close of the month. chart Technical Outlook: In last month’s USD Short-term Outlook, we noted that DXY was in correction after exhausting into resistance and highlighted the, “Risk for some pullback here with a turn from uptrend resistance now threatening a test of uptrend support.” A ... (full story)