Important DXY Monthly Chart Update
Today I am charting the The US Dollar Index ( DXY ) on a monthly chart over a multi-year period.
The chart shows a long term descending parallel channel (generally bullish), which the DXY has been trading in. The chart shows major touch points where the DXY is either supported or crosses support and resistance lines on the multi-year period.
DXY has been recently coming down and it is at a critical multi-month support line with possibility of a bounce. If it begins to move upwards, expect challenges in the stock and crypto markets.
This is a multi-year chart so don't expect everything to move quickly. When zooming out, the US Dollar price looks bullish in the long-term.
What are your opinions on this? I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #millionaireeconomics
The chart shows a long term descending parallel channel (generally bullish), which the DXY has been trading in. The chart shows major touch points where the DXY is either supported or crosses support and resistance lines on the multi-year period.
DXY has been recently coming down and it is at a critical multi-month support line with possibility of a bounce. If it begins to move upwards, expect challenges in the stock and crypto markets.
This is a multi-year chart so don't expect everything to move quickly. When zooming out, the US Dollar price looks bullish in the long-term.
What are your opinions on this? I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #millionaireeconomics
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