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U.S. Dollar Index
Short

DXY: Some more downside is expected. Is it a buy after?

By InvestingScope
The U.S. Dollar Index is on strong bearish levels on the 1D technical outlook (RSI = 36.538, MACD = -0.480, ADX = 39.006) as it is extending the Channel Down with a rejection today exactly on its top. The very same Channel Down was seen last October-December (2023) and declined by -6.25% before recovering. The buy signal was a DB (double bottom) on the 1D RSI.

Consequently we will remain bearish on DXY (TP = 99.550) and only buy after we get a clear rebound (around -6.25%) and a DB on the RSI.

See how our prior idea has worked out:

DXY is turning bullish short term.


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