Chart of the Day – #DXY – (August 1st, 2022)

The US Dollar index is at channel support, and it is at the 50% retracement of the May 30th low to the July 14th high. The RSI is still pointing lower which highlights the risk of the DXY to the downside, however the index is back to mid range as well. This is a pivotal level for the index at the 105.25 level. Also should be noted that the May 13th high was at the 105.00 level, so between the current price at 105.25 and the 105.00 level should be key support for bulls. Much below that level and we may trade back to the 103.00 level next.

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