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U.S. Dollar Index Sinks Despite Government Shutdown

The U.S. Dollar Index (.DXY) has slumped to a 7 1/2–month low, as traders downplay the U.S. government shutdown. With the market dismissing the Washington situation as a temporary event, all eyes are now on how low the Dollar Index can slide.

Three weeks earlier, the index broke a two-year rising trend line. It is now trading in a medium-term bearish flag, which targets the 78 area. Moreover, the index is also entrenched in a complex double top formation and this bearish pattern targets the 76.5 area.

Dollar_Index

 

Source: Thomson Reuters Eikon

Immediate support is at 80.3 from a medium term Fibonacci retracement.

Initial resistance caps at 81.15, from a different medium-term Fibonacci retracement. Only a close above the 21-week exponential moving average would be a game changer.

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