Will US Dollar Reverse Higher Off Important Support Level?

us dollar index decline 23 fibonacci support chart important - january year 2020

US Dollar Currency “weekly” Chart

As many investors know, King Dollar has a lot to do with the comings and goings of asset classes around the world, especially commodities (i.e. precious metals and oil) and emerging markets equities and debt).

So pay attention here!

The US Dollar Index decline is now testing an important confluence of support. This support level includes its 23% Fibonacci retracement level as well as its 15-month rising channel at (1).

What the Dollar does at (1), will send an important message to commodities, precious metals, and investors around the globe. Stay tuned!

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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.

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