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  • 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.

Dollar index analysis


Additional Levels