The US Dollar Index (DXY) is in a medium and long-term sideways trend within a multi-year range.
The US Dollar Index has touched down on a key support level at the 100 mark. This has historically provided a springboard for a recovery, however, it is too early to say whether history will repeat itself. The US Dollar Index is in a medium and long-term sideways trend within a multi-year range. Since late July it has been steadily unfolding a down leg within that range from the ceiling at around 105, to the range floor at the 100 level. 100 is important.
57, the July 2023 low. This is the lowest floor of the range – a decisive break below there would be a very bearish sign. The Relative Strength Index momentum indicator is oversold on both the daily chart and weekly chart . This suggests prices are overextended to the downside and there is a greater risk of a pull back occurring. However, RSI has not yet exited the oversold zone, a necessary prerequisite for a buy signal.
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