DXY Dollar Index Analysis - Is the Rebound Beginning?
We note that the dollar index continues to move within a regular ascending channel on the 1-hour timeframe. As it approaches the lower boundary of the channel at 99.60, the probability of a price rebound from this area increases.
Expected Scenario:
• As long as the index maintains trading within the channel, we expect an upward rebound towards the 101.20 area as a short-term technical target.
• A break of the lower boundary of the channel will prompt us to revise our scenario.
We are closely monitoring the movement, as the upcoming direction of the dollar will directly impact the movements of gold and other currencies.