The US dollar DXY index, which measures the strength of the dollar against a basket of major currencies, is pointing higher, with the weekly chart showing the breaking of a falling wedge, a bullish reversal pattern, and a bullish divergence of the RSI. .
Essentially, the DXY selloff from the March 2020 high of 102.99 has ended, and the bulls appear to have regained control.
The February high of 91.60 is immediate resistance, followed by the descending 50-week SMA at 94.21. Acceptance below last week’s low of 89.68 would neutralize the immediate bullish bias.
US Dollar Index DXY Weekly Chart
US Dollar Index DXY Technical Levels
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