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Red lines- bullish channel
Blue line- bearish RSI divergence
The Dollar is the absolute dominant power in the fx market right now. With EURUSD below parity, GBPUSD approaching 1.10, USDJPY above 140, the Dollar index naturally is making new 2022 highs. We have been following this upward move since the Dollar index was making a double bottom around 90, nearly 2 years ago. At that time we were expecting the Dollar index to reach 103-105, but so far price has continued making higher highs and higher lows in the major time frames. Price has created a bullish channel it is in since May of 2021 and so far there was no break below the lower channel boundary. The RSI over the last few months has provided us with several bearish divergence signals. This should not be ignored, but since price does not follow, we can not confirm that the trend has ended. On the contrary we are in a capitulation phase for Dollar bears. Last week's low at 107.65 is now our most critical support level for the long-term up trend.
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