The following monthly chart of the US Dollar (DX) contains three Andrew's Pitchfork channels. The channel median apex for the two largest ones (pink and blue) sits at 90.00 and forms major channel support.
Price has been swirling around 90.00 since mid-January of this year. Recently, the DX has found support at the bottom of the smallest channel (green), which begins in March 2008. The momentum indicator has made a lower swing low, so it remains in downtrend on this timeframe and is still below the zero level, but has recently hooked upward.
The following weekly chart of the DX shows that price has popped back above 90.00, after making a lower price swing low. However, the momentum indicator made a diverging higher swing low and has popped back above the zero level.
So, is price finally stabilizing at 90.00? Watch for the MOM to make a new swing high on this timeframe on any further rally to support further strength in the DX in the weeks ahead, as well as for the MOM to break and hold above zero on the monthly timeframe.
Otherwise, failure to do so may see price drop to new lows this year. I had mentioned a long-term Fibonacci retracement level of 84.55 in my post of February 10, which is still in effect as major Fib support.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Nov. 13 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Fri. Nov. 15 @ 8:30 am ET ~ Core Retail Sales & Retail Sales
* Wed. Nov. 20 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Wed. Nov. 27 @ 2:00 pm ET ~ Beige Book Report
* Fri. Dec. 6 @ 8:30 am ET ~ Employment Data
* Wed. Dec. 11 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
*** Click here for link to Economic Calendars for all upcoming events