FX.co ★ U.S. Dollar Index (USDX) in Forex Trading

On the H4 chart of the US Dollar Index #USDX, we have a descending channel where a potential impulsive structure of the final wave "c" of the "abc" flat is developing as a corrective wave "B" of the presumed ascending zigzag "ABC". At the moment, this is the main wave development scenario for the asset. As long as the index quotes are within the mentioned channel, the descending development trend is maintained. Yes, there is already some local oversold condition of the asset, but it is not a determining factor in assessing its current technical situation, which reflects bearish dominance. This is already evident on the daily timeframe, where the asset quotes have settled below the MA100 and MA200 moving averages. Therefore, the nearest development perspective of the index is associated with further decline of its quotes within the designated internal wave structure of wave "c" of the flat.