The Weekly chart of USDX shows that it is on an uptrend since late Oct 2009 and may be facing resistance in the near term.
USDX 17 May 2010 Weekly Chart
The daily chart shows that the uptrend is strong as the bulls are willing to push it up high and fast. This is revealed by the shift of the uptrend line to steeper slope. However, it could be that USDX is also on an equidistant (ED) channel too.
Thus, the recent Price Action shows a possible resistance for USDX at the top of the ED channel and on multi-month resistance level.
USDX Daily Chart
In the shorter term from the 4 hourly chart, aggressive bears might take chance to push USDX lower along with short term bulls cashing out the gains.
Yet, with the strong up trend in the background and a thick support zone underneath, USDX is likely to be consolidating some gains before resuming the uptrend.
USDX 4 Hourly Chart
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- USDX 17 May 2010 Weekly Chart
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- USDX Daily Chart
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- USDX 4 Hourly Chart
