DXY Bullish Reversal & Cup FormationThe DXY (US Dollar Index) is exhibiting a strong bullish reversal pattern, with multiple technical signals suggesting upward momentum:
🔍 Technical Analysis Summary:
✅ Support Holding Strong:
Price has respected the horizontal support zone around 98.00–98.50 on multiple occasions (highlighted by orange circles and green arrows), forming a solid base.
✅ Breakout from Downtrend:
A clear breakout above two descending trendlines (black and blue) indicates a shift from bearish to bullish sentiment.
✅ Cup Pattern Formation ☕:
A textbook Cup pattern is visible, where price formed a rounded bottom — a bullish continuation formation. The handle is minor and price has broken above the neckline (around 99.00), signaling a potential continuation toward the target.
✅ Bullish Target 🎯:
Based on the cup pattern and prior resistance, the projected target is around 101.846, aligning with previous major resistance.
📌 Key Levels to Watch:
Support Zone: 98.00 – 98.50
Immediate Resistance: 99.50 – 100.00
Major Resistance/Target: 101.846
🧭 Outlook:
As long as the price remains above the 98.50 zone, the bullish scenario remains intact. The cup breakout indicates strong buying pressure, and momentum could push DXY toward the 101.846 target in the coming sessions.
