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Dollar Index Price Analysis: DXY eyes bullish reversal on weekly chart

The greenback index, which tracks the greenback’s price towards majors, appears set to verify a falling wedge breakout – a bullish reversal sample – on the weekly chart.

The index has flipped the channel hurdle into support, currently at 90.00. A shut above would verify the breakout and open the doorways for a rally to 94.72 (September high).

The each day chart additionally suggests the direction of least resistance is to the greater side. The bullish outlook will be invalidated if the index finds acceptance below the former hurdle-turned-support of the inverse head-and-shoulders sample breached to the greater aspect formerly this week.

 

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