The dollar sank to support, a very long term support level as revealed by 6 month timeframe bars, and it won't break below it for another 34-35 months. So we are likely to see short term trends that last a couple months, and go back and forth in a sideways range. The bias longer term is bearish for the dollar, so I'll be specially interested in buying oversold dips in the Euro, but won't commit to long term trending positions. Position trading is not likely to produce good results, but swing trading might. My reccomendation: if you're a trend trader, avoid FX markets like the plague. If you have strategies to trade intermediate term to short term swings, then the volatility might suit you. Else, stay away.
Best of luck,
Ivan Labrie.
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The bounce in DXY started, we might go higher for a while. I'm long after covering my USDCAD short for a nice gain.
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How far down does this go? So far, there's no stopping the dollar rally. Worrying for emerging markets.
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#DXY: The dollar index might be about to trend up from here, this would align with the forecasts in USDJPY and the stock market