US Dollar, DXY, bears looking for a break of 100.80s

The US Dollar is meeting resistance near 102.80.
Bears eye a break below the 101.70s, then 100.80s.

Ross J Burland FXStreet

The US Dollar fell from a five-week high on Monday as traders move away from the greenback due to the debt ceiling issue, which could force the US government to default on its debt if not resolved.

US Dollar, DXY, daily charts

DXY is on the backside of the prior bullish trend and the market is breaking down.

Bears need to get below the 101.30s and the triple-bottom lows, or, otherwise face a bullish correction with 102.80 resistance eyed.

DXY bearish scenario

If the bears commit at resistance then the downside breakout will be at risk in a continuation of the general bearish structure.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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