From the desk of Steve Strazza @Sstrazza and Ian Culley @Ianculley
The US Dollar trading at key levels against a significant amount of Developed and Emerging Market currencies is the major theme in Currency Markets right now.
The GBP/USD is challenging an area of resistance that acted as support for over two decades but has been a barrier for prices since the Brexit vote almost 5 years ago.
The USD/CHF is on the verge of completing a massive 9-year top.
The USD/ZAR just violated critical support at a decade-long trend line.
And USD/CAD is currently attempting to complete a 5-year double top… with a pattern that looks strikingly similar to that of the DXY Index itself.
These are just a few of the USD pairs that are suggesting king dollar is likely to be trending lower for longer…
But these charts are indicating what’s likely to play out over a more structural timeframe… What about the next few weeks and months?