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.
If the DXY breaks out of the descending parallel channel, we can see the price go up significantly as shown by the Fibonacci Extension (Trend-Based Fib Extension).
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).
This is a multi-year chart so don't expect everything to move quickly.
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.
If the DXY breaks out of the descending parallel channel, we can see the price go up significantly as shown by the Fibonacci Extension (Trend-Based Fib Extension).
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).
This is a multi-year chart so don't expect everything to move quickly.
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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פרסומים קשורים
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.