FX.co ★ Technical analysis on USDX for July 12th, 2023.

Black lines- triangle pattern

The Dollar index remains under pressure in a short-term bearish trend. Price remains inside the triangle pattern we mentioned in previous posts and is now approaching triangle support. The lower triangle boundary is at 101 while price is just above this level now. A big test is ahead for the Dollar index. The Dollar index is challenging important support at current levels. Bulls are expected to defend the lower triangle boundary. Breaking below this trend line would be a bearish sign. There are increased chances of a bounce from the 101 price level. So far no sign of a reversal.