US Dollar Index Channel Line is Still Useful
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US Dollar Index Channel Line is Still Useful

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Chart Prepared by Jamie Saettele, CMT

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-DXY has 'stair stepped' lower to begin 2017. Something interesting happened on 1/30 though. The high for the day was on channel resistance that had provided support for December ECB (12/8). So, 'resistance turned support' provided resistance again. As such, risk is for weakness towards the bottom of the channel which lines up with the 200 day average.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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