Analysis predicts trading range for DXY
The dollar index has broken the previously mentioned support at 103.5 in the analysis and has reached a strong resistance level at 102.5. The index failed to close below it on any daily candle.
Looking at the 4-hour chart, it seems like the index tried to stabilize below the resistance but was unsuccessful. Based on my analysis, I expect trading to be between 102.8 and 103.5-103.7, as shown in the attached chart. Specifically, I anticipate a slight price drop with a correctional move to 102.8, followed by a rise towards the resistance level at 103.5. If the index reaches 103.7, the rebound is likely to be stronger and more successful.
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Looking at the 4-hour chart, it seems like the index tried to stabilize below the resistance but was unsuccessful. Based on my analysis, I expect trading to be between 102.8 and 103.5-103.7, as shown in the attached chart. Specifically, I anticipate a slight price drop with a correctional move to 102.8, followed by a rise towards the resistance level at 103.5. If the index reaches 103.7, the rebound is likely to be stronger and more successful.
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Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
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