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Dollar continues to rise following hawkish Fed
The US Dollar Index saw yet another spike higher yesterday, this time driven by a hawkish Fed. We have seen a very strong move higher for the dollar of late, and everything we are currently seeing following yesterday’s spike points towards further upside.
The move lower has formed two doji candles, which are typical for period of indecision. The issue with that is that coming after such a major move, I would expect a strong move downwards should there be any decent amount of bears in this market. We have not seen that, and instead the current price action is forming a flag formation; this is a continuation pattern. Thus I expect to see further upside, with a break through the top end of this flag. The next major levels of resistance in view are $98.05, $98.43 and $98.61.