1. Weekly resistance level (OB 1W):
USDX reached an important resistance zone around 110,034, fully filling the bearish imbalance of 2022 and forming a new weekly OB 1W, which may indicate a potential pullback.
2. Potential downward movement:
The chart shows the marking of target levels below in the zones
1. 105, 000
2. 103,850
3. 102,370
4. 100,184
5. 96,290 including IMB 1W and OB 1W, This indicates the possibility of the index declining in the coming months, which traditionally weakens the dollar and may stimulate risk assets, including cryptocurrencies.
3. Long-term goals:
Projected decline of the index to around ~96
By 2026, the dollar will weaken, and markets will seek alternative instruments for capital preservation.