DXY is a false US Dollar indicator, use BTC instead ! Short .94?
The DXY , or US Dollar Index , is calculated based a baskets of six US ICE trading partners. Those partners, the euro , Japanese yen, British pound, Canadian dollar , Swedish krona and Swiss franc all practice debasement to some degree, often "less bad" than the US. Right now, I would short the USD on the resistance at 0.94 but I'd rather long BTC .
Here's why...
Federal banks can't stop printing to support the system or it will crumble. FIAT debasement is an assured things since it the only politically acceptable solution.
We'll deal with rising cost of good and decrease availability of goods because they become too expensive and unaffordable. And we'll have the masses saying "I should have bought some bitcoin $50K!"
The charts indicates DXY might go down which could correlate with Bitcoin's breakout this quarter. Enjoy the roller coaster! I might get the time to check the FIAT pairs on DXY to see what each of the chart indicates and if anyone has done that, let me know
The basket is EURUSD , JPYUSD , CADUSD , GBPUSD SEKUSD and CHFUSD
Final note: Some Forex traders have noticed strong reverse correlation between the USD and CHF ( Swiss Franc ), pay attention to that CHFUSD although the Swiss National Bank (SNB) has to print Francs to buy Euro so the CHF doesn't skyrocket. So DXY is a comparing a basket of manipulated FIAT currencies. Your 25 cents chocolate bar will be worth $5 pretty soon!
from TradingView Ideas https://ift.tt/3mmbs9z
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source https://www.smartmoneymanagement.info/2021/10/dxy-is-false-us-dollar-indicator-use.html
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