DXY Potential Double Top. Sell opportunity.

The U.S. Dollar Index (DXY) came close o the 105.650 Resistance of the January 06 High and currently has been rejected. This was a level that failed to break above the 1D MA200 (orange trend-line), which is holding as Resistance since December and is also inside the Pivot Zone that formed three rejections and one rebound since May 13 2022.

With the RSI almost breaching into the overbought zone (70.00) and getting rejected, it is very likely that the 105.650 Resistance will turn into a Double Top and reject the price lower. With the long-term pattern since the September top being so far a Channel Down, it is likely that the rejection will deliver Lower Lows for the Channel, initially to Support 2 (Target 99.500) and in extension Support 3 (Target 97.500), as it appears that the Higher Lows gaps of the uptrend are systematically targeted during this downtrend.


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