- The dollar index trades 0.06% higher on the session today.
- There is a rising wedge chart pattern on the 4-hour timeframe.
DXY 4-hour Chart
The dollar has been mixed today trading well against commodities currencies but weaker against the safe havens.
On the 4-hour chart below, the price has formed a small consolidation wedge pattern after some strength in recent days.
The pattern also stopped at the 50% Fibonacci retracement zone which confluences with a resistance level.
A break through 98.30 to the downside could be the confirmation of a much-needed mean reversion.
Beyond that, there is some support at 97.90 that could halt any further move lower.
As the euro is 60% of the basket it would need some strength there but we do have US CPI out soon.
Additional Levels