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INDEX: TECHS: Focus Is On Key Support

DOLLAR

The USD remains in a short-term downtrend. Looking at the USD Index (DXY):

  • Friday saw the price clear 93.34. This confirms a break of the inverted head and shoulders neckline. The reversal pattern reflects price action between Jul 31 and Sep 21.
  • The move lower brings into focus key support at 92.70, Sep 10 low. It marks a pivot level and if breached would signal scope for a move towards the Sep 1 low of 91.75.
  • Note too that a break of 92.70 is required to negate the inverted head and shoulder reversal. This would clearly highlight a bearish risk.
  • Bulls will be looking for 92.70 to hold and for price to clear the initial key resistance at 94.03, Oct 2 high.
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