FX.co ★ Dollar index analysis for the week stating November 7th, 2022.

Red lines- bullish channel

The Dollar index starts the week under pressure, the same way it finished last week. The daily candlestick pattern remains inside the upward sloping bullish channel. Price is now approaching the important support at the lower channel boundary at 109.80. The Dollar index recently formed three lower highs and is vulnerable to the downside. Support around 110-109.80 is very important as a break below it will increase chances that the upward movement is complete and a corrective phase has already started. So far the Dollar index has provided one lower low at 109.50. A break below this level will confirm the trend change and the start of a pull back that will at least push price towards 105.