US Dollar Index Former Channel Resistance Provides Support
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US Dollar Index Former Channel Resistance Provides Support

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Chart Prepared by Jamie Saettele, CMT

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-Recent DXY comments have focused on the channel that originates from the May low, specifically former channel resistance. In fact, I noted last update that "99.83, along with former channel resistance, should be watched for support." The low for the move thus far is 99.85 and is right on the former channel line. The implication is bullish while above 99.85. Weakness below 99.85 could lead to an important reversal.

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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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