DXY is testing the lower boundary of a long-term ascending channel formed since the 2008–2009 bottom.
A monthly close below the channel could signal a deeper retracement toward the 92.00–94.00 support range.
The outcome may impact global markets, as dollar strength or weakness affects risk assets like crypto and gold.
The DXY is currently just below the lower edge of an ascending channel that has framed its monthly trading since 2008. The current range which is between 98.50 and 99.00, has in the past usually provided support for prices.
This region is now under constant observation by market players as prices move. If the market bounces or breaks away in this area, it could mean big changes for the dollar over the next six months.
DXY Tests Decade-Long Channel Support in June
Since bottoming out in 2008–2009, DXY has followed a broad upward trend within a parallel channel. This technical structure has guided price action for over a decade, with both upper and lower bounds being respected multiple times. The June 2025 candle now places the index once again near the channel's lower edge, raising questions about the sustainability of the long-term bullish pattern.
In technical terms, a monthly close below this lower trendline would end the bullish trend and start the start of a deeper price pullback. In this situation, a next major shift could happen in the 92.00 -- 94.00 range, as it was a past zone of consolidation in 2016 and 2018.
DXY Nears Support as Rebound or Breakdown Looms
Despite the risk of a breakdown, price behavior near the support line hints at a potential reaction. Historically, similar tests of this boundary have triggered rebounds, with the index rallying back toward the 104.00–106.00 area shortly afterward. A repeat of this behavior would keep the ascending structure intact and may reinforce the dollar's dominance against major currencies.
If the dollar moves higher away from this level, the results could also affect other markets. A strengthening dollar frequently lowers prices in both cryptocurrencies and products like gold. On the other hand, a confirmed breakdown may lift those assets as the dollar weakens. With DXY now approaching a historically significant zone, the coming monthly close may prove pivotal.
The post DXY Tests 98.50–99.00 Support Zone After 16-Year Uptrend—June Close Could Decide Direction appears on Coin Futura. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.