Todays outlook on the USD Index
The Trend is BEARISH. Price slowed down its BEARISH momentum after reaching the HnS target. Price is lining up a double bottoms, if this pattern works out we will either see a correction to the upside or a change in Trend. If price breaks the neckline we are likely to test as support then rally up to RESISTANCE. With all this its important to note that the TREND is BEARISH and its likely to continue.
Price is currently at support. As describe on the daily chart we have a double bottoms which may rescue the Dollar after Months of declining. Im looking at one possible scenario of how this may play out on the H1 chart. Price might line up a double bottoms, break neckline come back to test as support then rally up to what seems like a top of a RANGE.