- The dollar index (DXY) is charting a head-and-shoulders pattern with the neckline support of 96.36, having witnessed a bearish divergence of the hourly relative strength index(RSI) and a lower highs pattern earlier this week, the hourly chart indicates.
- A break below 96.36 would confirm a short-term bullish-to-bearish trend change and would open the doors to 200-hour moving average (MA), currently located at 95.97.
Hourly chart
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Spot Rate: 96.56
Daily High: 96.66
Daily Low: 96.50
Trend: bearish below 96.36
R1: 96.77 (previous day’s high)
R2: 96.98 (Aug. 15 high)
R3: 97.87 (61.8 percent Fib retracement of 103.82/88.25)
Support
S1: 96.54 (100-hour moving average)
S2: 96.41 (support as per the hourly chart)
S3: 96.36 (neckline support)”‹”‹”‹”‹”‹”‹”‹”‹”‹”‹”‹”‹”‹”‹
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