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TFC Commodity Trading Forum

U.S.$ Index/At Resistance/Watch Inverse Markets *PIC*

DX has had a nice run up breaking out of a multi month channel and running all the way from under 74 to 79 in less than 4 weeks. Price is now spinning its wheels at this price resistance area at 79. It would be typical to tread water here and spend time trading from the channel breakout point of 76.50 to 79 resistance. "IF" this occurs most everything else will rally. ( on some happy earth shattering b.s. story of course.) Bottom line: DX is at a significant resistance point and will likely back off, rallying inverse markets next week regardless. Only a clear break over 79 with some conviction would suggest a continued rally to the next resistance point of 81.50 to 82 area. That would be asking for a lot after the recent price action over the last 4 weeks. Monday & Tuesday's price action should answer the question.