Dollar Index technical analysis: 98.45 looks like a firm resistance

• The Dollar Index trades flat this morning after failing to break the highs.
• The 4-hour ascending chart pattern has now broken lower.

1-Hour Chart

The DXY hourly chart looks to have hit a ceiling at the 98.45 area.  

It seems now that that the dollar may be looking to take a breather after a couple of days of strength.

The chart below is showing on the intraday timeframes the dollar is in an uptrend making higher highs and higher lows.  

On the downside, if the consolidation low of 98.27 breaks we could head to support levels lower down.

The next support is at 98.10 but watch out for 98.27 first.

4-Hour Chart

You can see on the four-hour chart below that the ascending wedge formation has broken lower.

It didn’t break down with much conviction it seems to be more of a consequence of time.

Overall the chart is a showing the dollar index is in a retracement phase.  

The next prominant support is at 97.93.

Additional Levels