DXY – NYBOT Dollar Index (Last:100.42)

The Dollar Index is breaking down following a six-week struggle to hold above 100. Support came more precisely at the 100.57 Hidden Pivot midpoint of the pattern shown, a nearly two-year downtrend that portends more downside to as low as 93.78. Since the dollar was barely able to hold the support with Powell unwilling to ease, it is logical for it to be weakening now that he has decided to go with the global flow. He can’t possibly win the devaluation Olympiad, nor would he attempt it. But he has doubtless calculated that the dollar will not get kicked too savagely as long as so many other countries are trashing their currencies.