Cycle Trading: Dollar support
The dollar had a big drop back in August.
Since the big drop in August the dollar has been finding support along the 92.22 level.
The dollar printed an intermediate cycle low back in September. The first daily cycle low then formed in October with a 34 day DCL. The dollar broke below the October low last week to form a failed daily cycle. The failed daily cycle indicates that the dollar is declining into an intermediate cycle low. Since the dollar is declining into its yearly cycle low, it should form a failed intermediate cycle in order to form its yearly cycle low. The dollar will need to break below the September low of 91.75 so it can form a failed intermediate cycle.
Reprinted from FXStreet，the copyright all reserved by the original author.
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