While the US Dollar Index remains above 100, it is possible that King Dollar may have put in a top.
And not just any old top… but a monster top.
Of course we are having some fun here, but King Dollar’s reversal late last year has seen follow-through selling to the tune of a 10% decline (see “monthly” chart below).
This month the US Dollar is attempting a counter-trend rally, bouncing off dual support at (1), including its 23.6 Fibonacci and lateral support.
If this monster top holds true, we could see a counter-trend rally back to 106 at point (2) before heading much lower. This could get interesting… stay tuned!
This article was first published at See It Markets.com. To see the original post CLICK HERE.
