DXY: Monthly bullish engulfing pattern intact

The US Dollar Index (DXY) has struggled since its daily bearish reversal from the 100 level on August 1. Taking a step back and looking at the big picture shows that the June-July monthly bullish engulfing pattern remains intact along with the 14-year uptrend support line on the DXY. We view this uptrend line and the July low near 96.80-96.38 as a major macro market support. Chart resistance lies at 99.58 to 100.82 (prior lows going back to early 2023).