Dollar Outlook: Triangle Pattern Meets Key Resistance

The US Dollar Index is showing signs of a possible short-term top after failing several times near 98. This supports the idea that the recent rise may only be a correction, with the bigger trend still pointing lower, possibly below 95.

There's an ascending triangle forming in the daily time frame. This pattern in a downtrend suggests trend reversal. However, support around 97.50 is still holding. If the price breaks above 98, the short-term bearish view is no longer valid, and the dollar could move toward 98.50.

Overall, the bigger trend looks bearish, but mixed signals suggest the dollar may trade in a choppy range before the next clear move.

DXY Daily Chart