The U.S. Dollar Index rallied sharply into inauguration day. Since then, it’s been very weak.
Could things get worse for King Dollar?
Today, we share a “weekly” chart and highlight a potential topping pattern…
As you can see, the U.S. Dollar peaked on inauguration day at (1). But the broader pattern may be more concerning — a head and shoulders topping pattern.
And recent weakness is raising concerns about a break down… perhaps back to support around 100.
Weakness has some worried about the economy, and could go hand in hand with falling interest rates. On the other hand, gold bulls don’t mind a weaker Dollar.
Any time King Dollar makes a move, investors (and assets) pay attention. Stay tuned!
U.S. Dollar Index “weekly” Chart
Twitter: @KimbleCharting
The author may have a position in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
