The U.S. Dollar has lost over a third of its value inside a 10-year falling channel as it continues to create a series of lower highs while holding on to a small rising support line. The question now is whether the U.S. Dollar Index will gain enough strength to break out to the upside or continue to trend lower and lower over the ensuing weeks and months.
So writes Chris Kimble (http://blog.kimblechartingsolutions.com) in edited excerpts from his latest post* entitled U.S. Dollar about to lose more bragging rights?
This article is presented compliments of www.FinancialArticleSummariesToday.com (A site for sore eyes and inquisitive minds) and www.munKNEE.com (Your Key to Making Money!) and may have been edited ([ ]), abridged (…) and/or reformatted (some sub-titles and bold/italics emphases) for the sake of clarity and brevity to ensure a fast and easy read. Please note that this paragraph must be included in any article re-posting to avoid copyright infringement.
The falling channel and rising support line has created a flag pattern, that has to end soon at (2), which should cause the Dollar to pick up volatility. The Dollar looks to have created a bearish head & shoulders pattern with the year long support line playing the part of the neckline.
Editor’s Note: The author’s views and conclusions are unaltered and no personal comments have been included to maintain the integrity of the original article. Furthermore, the views, conclusions and any recommendations offered in this article are not to be construed as an endorsement of such by the editor.
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A month ago it looked like the U.S. Dollar Index would crash through its 1-year support line. Instead, the index bounced off it like an Indian rubber ball (remember?) and, in the process, hurt the price of gold and silver. That seems to have reversed in the past few days. Take a look at the charts. Words: 431; Charts: 2
The election is now behind us and I pray our elected officials can come together and make quality decisions to move this country forward in a positive direction. [That being said, how the U.S. Dollar Index reacts over the short term] is going to be very important for portfolio construction in the weeks and months ahead! [Let’s take a look at what the following charts say on the subject.] Words: 225