Weekly Technical Perspective on the US Dollar (DXY) Ahead of FOMC

In this series we scale-back and take a look at the broader technical picture to gain a bit more perspective on where we are in trend. The US Dollar Index is down more than 3% from the yearly highs with the greenback now testing the first major support hurdle in price. Here are the key targets invalidation levels that matter on the US Dollar Index (DXY) weekly chart.

New to Forex Trading? Get started with this Free Beginners Guide

US Dollar Index Weekly Price Chart (DXY)

US Dollar Index (DXY) Price Chart - Weekly Timeframe

Notes: Last month we highlighted that the Dollar Index was, “testing confluence slope resistance around 96.50s. Note that this region is defined by the parallel of the 2011 trendline and broader downtrend pitchfork resistance (38.2% line) – the immediate advance

Article source: https://www.dailyfx.com/forex/fundamental/daily_briefing/daily_pieces/scalping_report/2018/09/21/Weekly-Technical-Perspective-on-the-US-Dollar-DXY-Ahead-of-FOMC-Outlook-Forecast-MBCS.html