Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s, select commodities, cryptocurrencies and global equity indices. Below charts, U.S. Dollar Index (DXY) is from the review section of the weekly report. It is featuring possible strength for the Dollar Index.
U.S. DOLLAR INDEX (DXY)
The USD Index is once again trying to recover above the horizontal support at 103 levels. Recovery above the horizontal support/resistance with a strong monthly close (September close will be important) can put the bullish interpretation (continuation of the existing long-term uptrend) on the cards.
The daily scale price chart shows the consolidation and the breakdown of the support at 101 levels. With the sharp recovery above 101 levels, it became clear that the recent breakdown failed. This week’s price action was strong with price holding above the 200-day average. 103-103.2 area becomes the short-term support. Continued strength can target 105.5 resistance.
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