The U.S. Dollar Is Close To The Point Of No Return
EDITOR NOTE: We curate lots of articles on the fundamental forces pressuring the dollar. The article below is more of a technical analysis read. The dollar has broken well below critical support and looks to be heading toward a retest of its 2018 lows, specifically the 88.00 range. This sounds like a lot of cold numbers but note that there are geopolitical ramifications to such numbers. One being that such lows might either attract or be an effect of global de-dollarization. In short, the dollar is slowly losing its global status. Capital inflows into China and the yuan are testament to this accelerating trend. Is the dollar approaching the “point of no return,” as this author claims? If you think about it, hasn’t it already?
For the majority of the past 9-years, the US Dollar has created a series of higher lows and higher highs, creating a long-term rising channel.
The weakness over the past 9-months, has King$ slipping below a potential cluster of support at (1).
The 88-89 level has come into play as support and resistance numerous times since 2008.
Until proven differently this level first comes into play as support.
If the level fails to hold as support, King$ could lose another 5% quickly!
What the US$ does at the 88-89 level, will send a very important to Gold, Silver, Commodities and interest rates!
Originally posted on Kimble Charting Solutions
