If we look at the 4-hour chart of the USD Index, we see USDX is actually moving in a down slope Pitchfork Channel, BUT after the index failed to touch for the second time the Middle line of the down slope Pitchfork, USDX is now moving upward. It looks like it wants to reach the 93.44 level. Although USDX is already moving above the Moving Average, the Stochastic Oscillator now is already at the overbought level. This means there is a potential for USDX to get a turning point to the downside again. If the price goes down and closes below 92.84, that means the upward movement scenario will be automatically cancelled.
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