USD Index is Testing Trendline
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4H Chart
Daily Chart
The US Dollar Index tested the higher line of its downtrend channel on the daily chart but failed to breakout, following the disappointment of the 2nd reading of Q1 GDP. Yet, the technical indicators are turning bullish, yet it needs some confirmation, which might come through the list of fundamentals that we are waiting for including the MoM Core PCE Price Index, Personal Income, Personal Spending, and the Chicago PMI. A weekly close-out of the downside channel will be the first confirmation for an upside retracement. Otherwise, the downside trend is here to stay.
| S3 | S2 | S1 | Pivot | R1 | R2 | R3 |
| 89.44 | 89.73 | 89.85 | 90.01 | 90.14 | 90.30 | 90.59 |