Dollar index -27/8/2023-
• Dollar surged against all the major currencies and hit multi month high erasing most of the losses from March throughout August
• The rally stalled/paused at the 78.6% Fibonacci level, so far
• Bulls broke the descending channel and successfully secured a second daily close way above it, increasing the chance of further rally
• Series of lower highs is almost broken as we are approaching the previous swing high at 104.70
• If bulls were able to crack the above level, next critical and area of defense for the bears will be the 105.80
• The rally stalled/paused at the 78.6% Fibonacci level, so far
• Bulls broke the descending channel and successfully secured a second daily close way above it, increasing the chance of further rally
• Series of lower highs is almost broken as we are approaching the previous swing high at 104.70
• If bulls were able to crack the above level, next critical and area of defense for the bears will be the 105.80
Ramzi Abou Abdallah, CFTe, CMT
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