Update on DX: Jun 19, 2013

A quick overview of the dollar in the hours leading up to the FOMC announcement at 2pm this afternoon…

DX has declined from 84.595 to this morning’s low of 80.64 in a well-defined channel dating back to the May 22 S&P high of 1687 — which means it was positively correlated for the 1687 to 1598 drop, but has reverted to a more typical negative correlation since then.

This explains the recent stall at the bottom of the purple channel, seen better on the 4-hr chart below.

 

Does it mean the downside has completely run its course?

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