Dollar Index Price Analysis: Rises above 93.00, but bearish channel still intact
|- The dollar index extends Thursday's gain with a move above 93.00
- The greenback remains stuck in a four-week falling channel.
The dollar index, which tracks the greenback's value against majors, is gaining altitude on Friday.
At press time, the DXY is hovering near 93.10, representing a 0.18% gain on the day and validating Thursday's bullish inside-day candle.
Even so, it's too early to call a bullish reversal. That's because the index is still trapped in a bearish channel represented by trendlines connecting Sept.25 and Oct. 16 highs and Oct. 9 and Oct. 21 lows.
A close above 93.60 is needed to confirm a falling channel breakout. On the downside, violation of the Asian session low of 92.93 would shift risk in favor of a re-test of Thursday's low of 92.61.
Daily chart
Trend: Neutral
Technical levels
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