The US Dollar Index (USDX), an index which measures the valuation of the US dollar against a basket of currencies like the euro, has been stuck in a trading range after it rebounded from its low of 75.631 last November 4. It peaked at 81.444 on November 30 but it has since moved sideways. Yesterday, however, the dollar jumped by 1.0%, its best percentage gain in three weeks.

Indeed, things are looking more depressed for the greenback? Now, what led me to say such pessimistic statement? Well, technically speaking, the US dollar index (USDX) which is a measure of the greenback’s valuation against a basket of other currencies like the arch nemesis, the euro, has just broken down from a massive cone head like head and shoulders pattern.

Hiyo forex peeps! In today’s FX feature is an update on the US dollar index (please see my my previous post here). As you can see from its daily chart, the index appears to be poised for a break to the upside. Why? Well, the index has recently broken above its downtrend line and at present it seems to be forming and inverted head and shoulders formation.

Good day forex peep! In today’s fx special is the US dollar index. As you can see from its 4-hour chart, the index, which weighs the valuation of the greenback against a basket of currencies like the euro, pound, yen, Canadian dollar, Swedish krona, and Swiss franc, has been on a downward slope for quite some time now.