On the 4 hour chart, the US dollar index is now moving in a downslope Pitchfork Channel with the Stochastic Oscillator that is above the Overbought level and moving bellow the Moving Average as their Dynamic Resistance. The bias for the US dollar index will remain bearish at least to the mid October. Taking into account, the 33 years Seasonal Tendency, USDX is likely to reach the 92.69 level as its first target. This scenario comes true if USDX does not rise and close above the 93.50 level.
(Disclaimer)
The material has been provided by InstaForex Company - www.instaforex.com
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