USD Support Bounce at Prior Triangle ResisatanceU.S. Dollar Currency IndexTVC:DXYFOREXcomThe US Dollar came into the month of April and Q2 with legitimate bullish potential, driven by fear around the Strait of Hormuz and a walking back of rate cut expectations. There was an ascending triangle, very similar and somewhat related to the formation that had led to the March breakout. But ceasefire hopes and then eventually the ceasefire announcement created a massive move-lower in the USD, with prices falling all the way down for a re-test of that prior resistance at the 97.94 Fibonacci level. That has since held the lows and that keeps the door open for bulls to prod a pullback. There's even a wide swath of open, exposed gap from the ceasefire announcement two weeks ago, spanning from 99.16 up to around 99.50. Initially, that zone is lower-high resistance potential but if bulls can force a move through it, there's greater bullish potential. A larger rally in the USD can set up for pullbacks in the EUR/USD and GBP/USD breakouts, and it also sets up for a possible re-test of 160.00 in USD/JPY, which has held up incredibly well with all of the USD selling over the past few weeks. - js