The double top in the DXY points lower.

The US Dollar index (DXY) failed at the 50% retracement at 98.40 multiple times and has left us a small upside breakout last week and a possible double top. False breakouts are prone to breakdowns which suggests the neckline we are testing now could lead to a move towards the 97.00 level which is also long term channel support (greeen).

Steve Voulgaridis