Base on the monthly chart on 28.8.17, it has display a yellow line double top chart formation and black color line shows a rounding top chart formation. There are a few classical support line in blue and red color which have to be observe closely for any potential rebound to take place.
What is puzzling that Federal Reserve Central Bank is embarking on interest rate hike path projected 3 times this year in 2017 and had hike 2 times since March and June in 2017, the next upcoming hike could be sometime in September or December 2017. Theoretically and fundamentally, when there is an expectations of interest rate hike US dollar will strengthen with 10 year treasury yield as an indicator. Treasury Yields will sell off refers to price of securities of treasury yield in downward direction and yields goes up.
Technical analysis chart suggest that US dollar is weakening with a target price of around 80 to 82.50.
Hence should US dollar is weakening, it will benefit the commodities currency as a whole and foreign exchange pair will see further upside against US dollar pairing.
Bitcoin fans or cryptocurrency fans can exchange their US dollar or other currency with more bitcoins which is priced in US dollars hence further upside potential for bitcoins could be realized soon.
President Trump had indicated that he does not wish to see US dollar strengthening which he wish to revive the manufacturing industry and export US goods and services result in more employment growth, more jobs created for Americans.
https://www.cnbc.com/2017/08/04/the-dollar-index-is-doing-something-it-hasnt-since-1986.html
http://time.com/money/4737106/donald-trump-us-dollar-too-strong/
https://www.ft.com/content/d24b7283-ece9-3348-b50c-a5339a8e916d
https://www.cnbc.com/2017/01/17/trump-just-signaled-death-of-clinton-era-strong-dollar-policy.html
http://www.reuters.com/article/us-davos-meeting-dollar-idUSKBN15111E
http://money.cnn.com/2017/04/12/news/economy/us-dollar-donald-trump-wsj/index.html
