DXY Excellent sell level, rejection confirmed.

The U.S. Dollar Index got rejected on its January 06 High Resistance and even though it is on a short-term Channel Up, the Resistance rejection as well as mostly the September 29 Lower Highs trend-line, will soon start to weigh sell pressure on the price action.

With the 1D RSI printing a Head and Shoulders formation similar to September – October 2022, we remain short, targeting 103.700 (1D MA50) on the short-term and if a candle closes below the 1D MA50 (blue trend-line), extend selling towards the Support Zone (Target 2 = 102.700).

Tradingview link:

https://www.tradingview.com/chart/DXY/Qjtzz1X1-DXY-Excellent-sell-level-rejection-confirmed