Forex Opinion & Analysis

U.S. Dollar On Breakout Alert: Will Third Time Be A Charm?

Long-Term U.S. Dollar Chart.

The U.S. dollar has rallied sharply over the past year.

Is it time to give King Dollar his crown back?

Looking at today’s long-term chart, we can see that the U.S. dollar has traded in a broad rising channel since the 2007 low. And the 2015 and 2020 highs formed right at the 61.8% Fibonacci retracement of the 2002 high to 2007 low.

Well, here we are again. The rally in 2022 has King Dollar back at the 61.8 Fib and attempting to break out to new highs for the third time. U.S. dollar bulls are elevated at 77%. Could that slow down the buck here again?

Or, will the third time be a charm for King Dollar? Stay tuned.

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