Dollar index monthly 23.01.24

Dollar index monthly 23.01.24

Forex today trend Dollar Index 2024

Forex today trend forecasts with stock market signals on the Dollar Index in the short and long term through the technique of American statesman WD Gann.

Dollar Index chart with weekly technical picture

Forex today Dollar Index weekly forecast

The Dollar Index throughout the first half of 2023 was characterized by sideways dynamics.

Prices alternated between resistances and static octave supports and in particular in a range level between 105.30 and 100.70.

More precisely, the Currency Index generated a double high and double low between the week of February 03-March 03, March 03-April 14 and April 14-June 02 last year.

The price descent that ensued from the week of June 02 culminated in a bear trap:

in fact in the week of July 14 last year prices violated the level of the previous double minimum at 100.7 to reach the next static octave support at 99.17.

However, with the bullish break of the high of last July 21, which coincided with a Square of Maximum, the dynamics of the Dollar were showing important signs of positive recovery.

Also in the subsequent Weekly Set Ups of August 18, 2023 and September 01, 2023, quotes continued with bullish breaches of previous highs showing strong robustness of returns.

During the Minimum Square and the expiration of the Natural Square in the week of October 13, the trend began to change directionality realizing a new sideways phase, in the area of the descending 1X8 corner.

But only in the Weekly Set Up of November 10, 2023, did the Currency Index begin to initiate a new corrective movement:

the downtrend persisted until the next time cycle expiration of 05-12 January 2024.

From a top at 107.11 the Dollar Index came to 100.61 on ascending 1X8 angular support in the last week of December, to restart on the back of early January signals a technical rebound.

In this week of Jan. 26, prices came to 1X2 descending resistance at 103.47.

The week of January 26, 2023 coincides with an important expiration of the Range Square.

A return below 102 will indicate a return to dollar weakness that will have the area of 100.50; 99 as its first supports.

While the positive breach of 104 will confirm the recovery initiated in the early days of the month: first resistances in the 105.50 area.

Forex Dollar Index medium-term trend

With the bullish break of the expired Minimum Square in July 2023 at 103.90, the Dollar Index started a new bullish phase that lasted until the next time cycle in October 2023.

During October, prices reached the yellow-radiated ascending 1X2 angular resistance at 107.34, er begin to weaken in November 2023.

The negative breach of 105, indicated the emergence of a new corrective force as last October’s signal was negated.

In fact, quotations came to the dynamic and static support at 100.61 in late December.

The last monthly set up expired last December.

If quotations reach the level of 100.30, the corrective trend will be further confirmed and the next supports will be in the area of 100.32; 98.

Conversely, the bullish break of 104.60 will indicate the restart of the bullish trend: first resistances in the 106 area.

Forex signals 2024 long term Dollar Index

The Set Up quarterly expired in September 2023 generated a bullish out-side repositioning the long-term dynamics into a positive sideways directionality.

Prices during the last quarter 2023 suffered a negative retracement, reaching the ascending 1X2 angle and the static octave at 101.34, maintaining the positive swing chart.

However, the return below 100.30 will bring the quarterly directionality back in a negative direction.

First supports in the 98 area; 97-

Conversely, resistance to the upward recovery is in the 108.40 area.

The report on the Dollar Index was described by means of the technique of the American statistician WD. Gann, making use of the Top Trader(c) stock market software.