While the US Dollar Index remains above 100, it is possible that King Dollar may have put in a top.
And not just any old top… but a monster top.
Of course we are having some fun here, but King Dollar’s reversal late last year has seen follow through selling to the tune of a 10% decline (see “monthly” chart below).
This month the US Dollar is attempting a counter-trend rally, bouncing off dual support at (1), including its 23.6 Fibonacci and lateral support.
If this monster top holds true, we could see a counter-trend rally back to 106 at point (2) before heading much lower. This could get interesting… stay tuned!
US Dollar Index “monthly” Chart
Note that KimbleCharting is offering a 2 week Free trial to See It Market readers. Just send me an email to services@kimblechartingsolutions.com for details to get set up.
Twitter: @KimbleCharting
Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
