Analysis of the past week

The last week of February was a continuation of the sale of the US currency against a basket of major competitors. At the end of past week, the American dollar fell by 0.30% and updated a three weeks low at the level of 95.80.

In this case, in fact, the last working week of February was a reversal for the US dollar index. Thanks to the breakdown of a two-week downward channel, which now indicates the formation of a flat, overbought and resistance to 96.30 is on the way of dollar growth and a deeper recovery of the American dollar. Therefore, at the start of the week we can expect a modest decline of the American dollar to the support level of 96.00. It will allow to form the lower boundary of the upward correction channel. Fixing the dollar index below 96.00 and re-test of support 95.80 will indicate the resumption of the downward channel.

The US dollar index H4 chart. The current price is 96.30 (10-year government bonds yield is the blue line)

Hanzenko Anton