Potential double-bottom pattern on Daily chart
Downtrend on 4 Hour
1.618 fib aligns perfectly with the last leg of downtrend
Also USDCHF which correlates highly with Dollar Index flew 180 pips breaking the resistance level on Daily and Weekly.
I am expecting Dollar to do the same looking at Weekly chart which broke out of downtrend, retested.
This...
Dollar Index shows bull potential in the Weekly and Daily chart,
Weekly chart was left with a wick to be filled and
Daily with a retest completed, we might see a bit of lower price before heading
to the 1.618 fib of 94.11 which also in the Weekly shows an area of unfilled wick.
Dollar Index has been in a downtrend for quiet a while now, but was broken out this week. The retest was done and successful and higher prices are there to be reached with the target of 93,06. There is a wick to be filled on the Daily chart and Fibs and resistance zone align perfectly. This is how I am looking at it in the 4 Hour chart. Hope this helps! Cheers
