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INDEX: TECHS: Monitoring Key Support

DOLLAR

Attention on the USD Index (DXY) remains on the neckline of the inverted head and shoulders reversal pattern confirmed on Sep 21.

  • The neckline intersects at 93.44 today and marks a key short-term support.
  • Presently the recent move lower is seen as a return move, assessing whether former resistance at the neckline provides support following the break.
  • The ability to hold above 93.44 maintains a bullish USD theme that leaves open a test and break of resistance at 94.74, Sep 25 high.
  • A move below 93.44 would expose a deeper pullback instead and open 92.75, Sep 21 low.
  • In EURUSD, watch 1.1770/73, Oct 1 high and trendline resistance drawn off the Sep 1 high. This represents a pivot resistance.
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