USD Falling Wedge Breakout, 4-month Highs into PullbackU.S. Dollar Currency IndexTVC:DXYFOREXcomUSD put in another rate cut rally after the Fed's move last week and that extends the Q4 theme that's seen a continuation of higher-highs and lows ever since the Fed's initial rate cut announcement in September. Yesterday saw test of a big level at 100.22, which was the swing low from last year's start of FOMC rate cuts. That level printed at the rate cut announcement, held the lows for the next couple of weeks, and then price launched into a massive reversal that ran for all of Q4 and into the first couple weeks of 2025. This year's iteration has been different and Treasury yields aren't jumping like they were last year, but the impact in USD is similar as the bullish sequence has been driven by the FOMC announcements and that keeps bulls in the driver's seat for short-term trends. With some profit taking showing after that push up to fresh highs and test of a key resistance level yesterday, the question now is whether bulls come in to defend the move. There's three spots of support just below price that each set the stage for continuation. The 99.40 level was resistance earlier in October, after having shown as resistance in June. Just below that, the 98.98 Fibonacci level still looms large, and there's another spot of resistance turned support at 98.60 that sits below that and currently functions as an 's3' area. - JS