DXY: U.S. dollar Index forms a potential inverted head and shoulder price pattern

Denis Joeli Fatiaki Independent Analyst

The U.S. dollar made its way to 97.55 as indicated in yesterday's trades but dropped to 97.45 before heading straight back up to 97.95 price target after reporting a healthy ISM Non- manufacturing October PMI which help the dollar rallied during the European/U.S. session. The current data reveals a potential complete head and shoulder price pattern which could occur if the right shoulder is completed. This could drive the U.S. dollar down to around 97.55 before making its way back up to 97.90 and 98.40

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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