The US Dollar has spent the last 6 months working lower in a well-defined descending trend channel. But things are looking up following the Brexit outcome.
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As you can see from the chart below, US Dollar futures have broken out above the descending trend channel and the former resistance at 95.905 is now acting as support.
The index has tested and reacted from nearby resistance at 96.895 – 97.580 but while above 95.905, the bulls are well-positioned for subsequent attempts to break above this zone of resistance.
Only a move back below lower support at 95.210 – 95.510 would signal that the bulls had lost their advantage.
