DXY long-term uptrend channel continues
The Monthly DXY chart is showing that the instrument has bounced off the Andrew’s Pitchfork long-term upside channel uptrend resistance line 89.20 twice and is testing the channel upside swing continuation resistance 93.20. A break below 89.20 is now required to invalidate the DXY channel continuation in the long-term back to 106.
On a Weekly chart, we can see a new downtrend Pitchfork channel formed and the instrument is breaking above the median line 92 and is literally inches away from breaking higher to 95 and 96 where later would be a downtrend channel key breakout resistance. Look for the long trade entries upon a breakout above 93.50 or on a pullback to 92.60.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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