The chart suggests that the price might experience a retracement
Analysis of the DXY (US Dollar Index) Chart Using Support, Resistance, and Projected Movements
This is a 4-hour timeframe analysis for the US Dollar Index (DXY), highlighting critical support and resistance levels and potential price movements:
Key Levels:
Support Zone:
A strong support zone is identified around 108.000 - 108.500. If the price retraces to this zone, it is expected to find significant buying interest.
Resistance Zone:
The first resistance zone lies between 109.000 - 109.500.
The next resistance zone, which could act as a target, is located around 110.000 - 110.500.
Proposed Movement Pattern (Blue Lines):
The chart suggests that the price might experience a retracement toward the support zone at 108.000 - 108.500.
After hitting the support and confirming a bounce, the price is expected to rally toward the 109.000 - 109.500 resistance zone.
If the resistance at 109.500 is broken, the price could continue its upward trajectory toward the next target at 110.000 - 110.500.
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