US Dollar Index Holds Support, Rally On?

The US Dollar has been moving higher within a rising channel for several months.

However, the recent action on the US Dollar Index (DXY) has been volatile.

As you can see in the chart below, the Dollar is holding just above the key moving averages and the lower channel trend support line.

This is the fourth test and hold in 2019.

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But the breakout above the falling downtrend line opens up the potential for a move up to 98. We have been calling for this target for the past couple weeks.

If we exceed that target on closing basis, we could see additional upside. Stay tuned.

US Dollar Index “daily” Trading Chart

us dollar index rally strength higher currency news image forecast march 28

Author may have positions in mentioned securities at the time of publication. 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.