US Dollar approaching yearly highs- breakout at risk into 98.37/42
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The US Dollar Index is up more than 2.4% from the June low with DXY now approaching multi-year inflection slope ahead of the FOMC interest rate decision and US Non-Farm Payroll this week. These are the updated targets and invalidation levels that matter on the DXY weekly price chart heading into the close of the month. Review my latestWeekly Strategy Webinar for an in-depth breakdown of this US Dollar trade setup and more.
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US DOLLAR PRICE CHART – DXY WEEKLY
Notes: In my last US Dollar Weekly Price Outlook we noted that the index was testing a major resistance-confluence at 97.87 where the 61.8% retracement oft eh 2017 decline converges on basic trendline resistance. Price closed just pips above this region last week with the breakout at risk while below this threshold heading into this week’s FOMC interest rate decision.