FX.co ★ kavon.collins | Game of Life: Visionary Insights into the Forex Market!

USDX US Dollar Index In this analytical post, I would like to take a look at the four-hour and weekly timeframes. Let's start with the four-hour timeframe. Previously, we saw a break of the support line (trend line) at the level of 99.50, after which the US Dollar Index headed south and a new descending price channel was formed. It is worth noting that the decline started after a bounce from the high at 100.40, and currently the dollar index has dropped to the level of 98.01. There is currently a corrective rise underway, which may continue to the resistance line, with a potential intersection around 98.20 or slightly higher at 98.25. Here, we may see a bounce off the resistance line and a continuation of the decline. Chart H4:

On the weekly chart, we can see that the US Dollar Index previously broke a wide flat price channel with an ascending slope. The price not only broke the lower boundary of the sideways channel but also made an unsuccessful bottom-up test on the breakout of the support line. As a result, the price dropped south, forming a new flat price channel within which the US Dollar Index is currently trading at the level of 98.01. From a technical perspective, within the new sideways price channel, the index is currently trading at 98.01, with the formation of a second downward wave underway. The target for bears on the weekly chart will be a drop to the support line, with a potential intersection around the level of 96.00. Weekly chart: