Every breakdown in the past the DXY had a steep decline. Not really a period where it has continued to fluctuate at a certain level. I think it might be plausible that this pattern will continue to repeat itself.
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It has been almost 3 years since the 2022 top, and we've now reached the lower boundary of the blue parallel channel. In my view, this is in line with previous DXY breakdowns.The monthly RSI sits around 39, leaving room for a potential move upwards toward the 120/125 range.
If the current level fails to hold, we could be looking at a bearish move toward the 87 range instead.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.