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TFC Commodity Trading Forum

U.S.$ Index/ Strong but at Resistance *PIC*

DX has continued to show strength even while consolidating through Dec which is seasonally a very weak month. Price has now run up to the top area of its consolidation pattern plus above that is heavy resistance between 82 and 83.63. Besides heavy price resistance that area is also the Fib 50% and 61.8% retracement area of the June to Nov sell off. Could be like swimming through bubble gum for a while with DX even though seasonal trends are strong from January into early Feb. Price is once again above the 200ema which causes the 20ema and important 50ema to continue rise along with other technical indicators. So far so good with DX. The extreme bearish sentiment at the Nov low showed over twice the bearish sentiment as previous major low pts with DX and should serve as a nice boost to DX going forward. With that low in place that makes for the last 3 major lows to be higher each time with the last two highs the same. Overall that makes the long term chart pattern a bullish Ascending Triangle with the flat top resistance of 89.70. That will be an interesting point in the pattern to be watching for. A breakout over 90 would have dramatic consequences on everything. Time will tell.............