The DXY is making a break for it today.

Looking at the DXY hourly chart above, the price has moved above the swing high from May 2 at 102.40 and is breaking outside of an up-and-down trading range mostly between 101.00 to 102.40 (see red box on the chart above).

On the top side, the 38.2% retracement of the move down from the March 8 high comes in at 102.742 and is the next upside target. The swing high from April 10 comes in at 102.807 near that retracement level. Moving above that area would open the door for further upside potential.

The close risk now is a move back below the 102.40 level. Stay above that is more bullish. Move below is more bearish.

/inflation

This article was written by Greg Michalowski at www.forexlive.com. MoneyMaker FX EA Trading Robot