FYI: The US Dollar index had been trying to hold onto support at its 50-day moving average over the last couple of weeks, but today it fell hard below its 50-day. Since making a near-term low in early May, the Dollar Index has begun to form a new uptrend channel by making a series of higher highs and higher lows. As you can see below, today’s drop left the Dollar close to the bottom of this newly-formed uptrend channel, and those bullish on the currency will be watching closely to see if this support level can hold over the next few days.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/us-dollar-index-approaching-bottom-of-uptrend-channel/
