The DXY has failed again to recapture the 98 price level. For so many months now price is stuck at the 61.8% Fibonacci retracement of the entire decline from 103.77 to 88 and each time I see a short-term reversal, my longer-term bearish scenario comes in mind. The more times we see bulls unable to break resistance, the more possible this scenario becomes.
The RSI has approached its resistance trend line once again and it shows rejection signs. We could be finally topping in DXY and maybe a new bearish leg will start soon…..Bulls need to be very careful.