Courtesy of Chris Kimble
The U.S. Dollar ran into a perfect storm in 2020: a pandemic (Coronavirus), an easy Federal Reserve, and trillions of dollars in government stimulus.
The result has been a steep decline in the greenback.
Looking at today’s chart, however, suggests that the US Dollar may be nearing a bottom. That is if recent history proves true.
The Dollar is testing its 9-year bullish up-trend support at (1) and US Dollar bulls are disappearing. In fact, investors are the least bullish the US Dollars (20% bulls) since 2011 at (2). Notice that each time the Dollar tested support with few Dollar bulls, it rallied higher.
Time for a rally? Or will this time be different?
This article was first written for See It Markets.com. To view the original post CLICK HERE.
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