US Dollar Index (DX) Futures Technical Analysis – February 28, 2017 Forecast

March U.S. Dollar Index futures are trading lower shortly before the regular session opening. The market is trading inside yesterday’s range which indicates investor indecision and impending volatility.

The main trend is up according to the daily swing chart. However, momentum has been trending lower since the closing price reversal top was formed at 101.75 on February 15. A trade through 101.75 will negate the chart pattern and signal a resumption of the uptrend.

A trade through 100.64 will turn the minor trend to down with another minor bottom at 100.40 the next target.

The main range is 103.815 to 99.195. Its retracement zone at 101.505 to 102.050 is the primary upside target. This zone stopped the rallies at 101.715 and 101.750.

The short-term range is 99.195 to 101.75. If the correction continues then its retracement zone at 100.473 to 100.171 will become the primary downside target.

Based on the current price at 101.050, the first upside target is a downtrending angle at 101.38. This is followed by an uptrending angle at 101.45 and the main 50% level at 101.505.

Overtaking 101.505 could create enough upside momentum to challenge 101.715, 101.750 and the main Fibonacci level at 102.050.

The daily chart is wide open to the downside with targets coming in at 100.473, 100.320 and 100.171.