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Wednesday, January 20, 2021

USD Threatens Main Value Collapse – DXY Ranges

US Greenback Technical Value Outlook: DXY Weekly Commerce Ranges

  • US Greenbacktechnical commerce stage replace – Weekly Chart
  • USD trying break of multi-year uptrend help
  • DXY in danger for sharp declines sub-92.28Preliminary weekly help 91.33

The US Greenback Index is off greater than 0.60% this week with DXY trying to interrupt under main long-term uptrend help simply above the yearly lows. The technical implications of this break are huge and recommend a major shift within the longer-term USD worth outlook. These are the up to date technical targets and invalidation ranges that matter on the US Greenback Index weekly worth chart. Evaluation my newest Technique Webinar for an in-depth breakdown of this DXY technical setup and extra.

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US Greenback Index Value Chart – DXY Weekly

DXY Chart

Chart Ready by Michael Boutros, Technical Strategist; US Greenback Index on Tradingview

Notes: In my final US Greenback Weekly Value Outlook we famous that DXY was testing main help and to be looking out for, “topside exhaustion forward of 93.92 on recoveries IF worth is heading decrease with a detailed under 91.92 wanted to gasoline the subsequent leg.” The index continued to check key technical help on the 2016 low / 2018 goal yearly open at 91.92-92.28 for over three-weeks with worth trying to shut under for the primary time since April of 2018 on Friday.

A detailed under would danger accelerated losses for the index with the primary main weekly help goal eyed on the 2017 low-week shut at 91.33 and the 2017 low at 91.01– search for a extra important worth response there IF reached. Preliminary weekly resistance now stands again at 92.28 backed by the 93-handle. Broader bearish invalidation now lowered to the 61.8% Fibonacci retracement off the 2018 advance / 2016 low-week shut at 93.88

For an entire breakdown of Michael’s buying and selling technique, evaluate his Foundations of Technical Evaluation collection on Constructing a Buying and selling Technique

Backside line: The US Greenback trying to interrupt / shut under important help zone at multi-year uptrend help – danger for accelerated losses whereas under 92.28. From a buying and selling standpoint, search for topside exhaustions forward of the previous 2011 trendline on recoveries IF worth is certainly heading decrease – a weekly shut again this slope would threaten a false-break situation. That mentioned, look ahead to sharp declines whereas under this threshold with preliminary targets eyed on the 2017 lows – take into accout we’re heading into the shut of the month- keep nimble right here.

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USD Forecast

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— Written by Michael Boutros, Technical Strategist with DailyFX

Observe Michael on Twitter @MBForex

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