The US Dollar index had been trying to hold onto support at its 50-day moving average over the last couple of weeks, but today it fell hard below its 50-day.  Since making a near-term low in early May, the Dollar Index has begun to form a new uptrend channel by making a series of higher highs and higher lows.  As you can see below, today’s drop left the Dollar close to the bottom of this newly-formed uptrend channel, and those bullish on the currency will be watching closely to see if this support level can hold over the next few days.



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