Can Anything Slow US Dollar Currency Strength?
(Click on image to enlarge)
The US Dollar is strengthening alongside rising interest rates. In fact, both are rocketing higher as inflation takes root and the European economy (and the Euro) weakens.
Today we look for clues via the long-term “weekly” chart of the US Dollar Index.
As you can see, the King Dollar has been so hot that it has rallied over 20% in 70 weeks. This puts the Dollar in an overbought zone that was seen when prior highs took root.
We can also see that the US Dollar is testing its prior uptrend line that has been strong resistance since 2009.
Will this overbought resistance line slow the US Dollar down? And will that also mark a high in interest rates? Every day Americans sure hope so. If not, more trouble is ahead. Stay tuned!
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