The dollar index is breaking higher from its multi-week sideways channel. The index is yet to clear the six-month bearish trendline. The dollar index (DXY), which tracks the safe-haven greenback’s value against majors, is rising in Asia despite an uptick in the Asian stocks and overnight gains on Wall Street. The DXY is currently seen at 94.16 – the highest level since July 27. A close above 94 would imply a bullish breakout from the two-month-long consolidation of 92.00 to 94.00 and open the doors for 96.00 (target as per the measured move method). On the way higher, the trendline falling from March and May highs could offer resistance. As of writing, that descending trendline hurdle is located at 94.70. Should the index fail to hold above 94.00, stronger selling pressure will likely emerge, yielding a drop to 93.50. Daily chart Trend: Bullish Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next PBOC sets yuan reference rate at 6.7986 FX Street 1 year The dollar index is breaking higher from its multi-week sideways channel. The index is yet to clear the six-month bearish trendline. The dollar index (DXY), which tracks the safe-haven greenback's value against majors, is rising in Asia despite an uptick in the Asian stocks and overnight gains on Wall Street. The DXY is currently seen at 94.16 – the highest level since July 27. A close above 94 would imply a bullish breakout from the two-month-long consolidation of 92.00 to 94.00 and open the doors for 96.00 (target as per the measured move method). On the way higher, the trendline falling… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
