DXY poised to complete the cup and handle formation

TVC:DXY   U.S. Dollar Currency Index
32 0

In a longer time frame (W1), the bias is on the bullish side where price are making higher highs followed by higher lows.

With the Fed raised its short-term interest-rate target last month for only the second time in a decade and signaled it would likely speed up the pace of rate hikes this year. Rates are currently targeted at between 0.5 percent and 0.75 percent.

With one of their economic indicators Unemployment records a low 4.7 percent, near what many economists including Yellen see as its long-run sustainable level, and Inflation closing in on the Fed's 2-percent goal, most Fed officials expect to lift rates three times over the course of the next 12 months.

Technically, the price is currently correcting and may continue it's bullish run if the support level @ 100.25 will remain intact. A break below signals the continuation of retracement.

A break above 101.50 signals bullish continuation.
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