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Dollar Index (DXY): Return Move

  • The USD Index (DXY) has retraced some of its recent gains in what for now appears to be a correction.
  • Key support lies at 93.48, the neckline of the inverted head and shoulders reversal pattern confirmed on Sep 21.
  • A pullback towards this line is known as a 'return move' to determine whether recent resistance offers support, following the break higher.
  • Clearance of 74.74, Sep 27 high is required to confirm both a resumption of recent USD strength and from a technical perspective, confirm a bear channel breakout.
  • Failure to hold above 93.48 support would expose primary trend support at 92.70, Sep 10 low.
  • On balance, while the neckline remains intact, the near-term technical outlook for the USD remains bullish.
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