Over the past couple of years the US dollar index (USD) has threatened to break down below a long time support area in the 90-92 range. Looking at the chart below, we can see that we are once again hanging on to that level by a thread. So, it's US dollar index watching time once again.
This has been the the deepest plunge yet and the chart indicates a possible long term head and shoulders formation. If that turns out to be the case, and the USD index does not hold 90 this time, there is not much support on the chart until it reaches the 80 level or so. There is a bit of minor support around 88 and 85-86, but not much. Will be something to keep an eye on here at this level in the coming weeks.
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