Dollar index -27/8/2023-
• Dollar surged against all the major currencies and hit multi month high erasing most of the losses from March throughout August
• The rally stalled/paused at the 78.6% Fibonacci level, so far
• Bulls broke the descending channel and successfully secured a second daily close way above it, increasing the chance of further rally
• Series of lower highs is almost broken as we are approaching the previous swing high at 104.70
• If bulls were able to crack the above level, next critical and area of defense for the bears will be the 105.80
• The rally stalled/paused at the 78.6% Fibonacci level, so far
• Bulls broke the descending channel and successfully secured a second daily close way above it, increasing the chance of further rally
• Series of lower highs is almost broken as we are approaching the previous swing high at 104.70
• If bulls were able to crack the above level, next critical and area of defense for the bears will be the 105.80
Ramzi Abou Abdallah, CFTe, CMT
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.