The dollar index is showing some short term signs of correction/bearish movement. We see a rising wedge and 3 consecutive missed weekly pivot points, that's a pretty big deal.
I'm not trading DXY but I am trading USDJPY, EURUSD and USDCHF so this chart will dictate some future positioning on those pairs.
If DXY moves down to at least 98.40 area that could help with being able to move higher however I really like 97.50. A move into that second weekly pivot at 97.50 and some trend line confirmation back up would really help the confidence to sell EURUSD and buying USDCHF.
I'm not trading DXY but I am trading USDJPY, EURUSD and USDCHF so this chart will dictate some future positioning on those pairs.
If DXY moves down to at least 98.40 area that could help with being able to move higher however I really like 97.50. A move into that second weekly pivot at 97.50 and some trend line confirmation back up would really help the confidence to sell EURUSD and buying USDCHF.
Jared Johnson
Union Hedge Funds
Union Hedge Funds
