USD Currency index sees signs of weakness at key level
|The DXY rallied last week to a key level at the top of a bearish structure. NFP friday's fiasco seemed to have little effect on the long term bias of this currency and the 101.00-100.75 zone has a wall of bears behind it.
Technically speaking after the BIG MULTIYEAR 103 level was hit and rejected we entered an immediate bear market dropping 4.55% from high to low to the 98.30 zone. Another long term swing level. It's my opinion that we are not done with the down move and once the bearflñag breaks we will see a big bearish move to test the previous lows or even further. The Fed's current position in monetary and fiscal policy is no help for the appreciation of this currency.
Should 101 and this structure break a retest of the big multiyear level (103.00) will be in play.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.