USD US Dollar Daily Chart Sideways Channels

The US dollar index topped out in the spring time with the 'M top', or double top, if you prefer. The red lines show the two negative divergence spank downs from the peaks. The indicators are staggering sideways not hinting a move either way. The ADX at 11 shows a trendless direction for price (sideways). It is reasonable to expect another test of the 93-ish area over the coming weeks, perhaps days, but overall the chart is set up to stagger sideways through the brown channel.

Dollar bulls will win above the 50-day MA at 96.16 and dropping and the dollar bears will win under the 200-day MA at 92 and rising. These critical moving averages are squeezing in so the dollar will have to make a decision over the next month or two. The USD may stumble sideways through 92-97 through the summer. As this is typed, the dollar index drops to 93.76 this morning and the euro pops above 1.14. ECB President Draghi wants a weaker euro to stimulate the economy (using QE). Fed Chair Yellen's dovish comments at the FOMC meeting yesterday creates the weakness in the dollar sending the euro higher. The obscene central banker intervention over the last six years has markets twisted up in knots. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.