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US Dollar Index Price Analysis: Inverted head-and-shoulders set to lift the greenback
The inverse head-and-shoulders pattern can lead to more upside.
Upside targets can be located near 97.85 and 98.20 levels.
DXY daily chart
The US Dollar Index (DXY) is trading between the 50 and 200-day simple moving average (SMA). DXY is also trading within a rising wedge channel.
DXY four-hour chart
DXY is trading above the main simple moving averages (SMAs) and a rising trendline, suggesting a bullish bias in the medium term. The greenback is also in an inverted head-and-shoulder pattern and the market could stay bullish while above the right shoulder and the 97.20/10 support zone. If buyers decide to lift the market they could reach the 97.85 and 98.20 to the upside.
Additional key levels
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