SamKent

Dollar Index is at monthly resistance levels

INDEX:DXY   US DOLLAR CURRENCY INDEX
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While the overall market sentiment is still pro Dollar, last week's mixed action should not come as a surprise. The dollar index is battling major resistance line on the monthly chart (wedge formation), coupled with overbought or near overbought levels on the oscillators, as well as fairly dovish FOMC minutes release. There's a fairly high likelihood for a pause or some correction in the Dollar's rally.

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