The US$ remains under the the 100 and 98.50 resistance levels ahead of next week’s US presidential Election. The index has been range-bound for almost two years now in a channel bound by the 100 level above and the 92.50 below. I’ll be watching to see if the Election result might trigger the long-awaited breakout.
NB: this is just a brief update given the potential for large market swings with next week’s US Election.
USDX monthly: The longer time frame monthly chart shows a potential Bull Flag but within the Flag, just to confuse us, there is a bearish H&S also brewing.
Bull Flag evident:
Bearish H&S evident:
USDX weekly: I am still waiting, after almost two years, for a breakout from the 100 – 92.50 channel and wonder if the Election result might be the event to trigger such an breakout?
EURX weekly: the EURX index has been range-bound for a similar period and I’m watching for any channel breakout here too: