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U.S. Dollar Index Rebounds in Support Zone

Written By: ChartChamp

July 18, 2024

The U.S. Dollar Index (DXY) has been trending down, which is bullish for the financial markets. However, DXY has approached a key support zone around $104 – $104.30 that has resulted in a bullish rebound. I think DXY will continue to trend down lower to the lower end of the channel around $102 – $103. I can see DXY trending back down to $100, which will really help the markets rally. For now DXY has support at $104 that needs to break to trend down lower.

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