BUZZ-COMMENT-Dollar bounce from Monday's low good news for bulls
Jan 28 (Reuters) - The U.S. dollar's price action this week hints that a possible base has formed on the daily chart.
The dollar steadies as the Federal Reserve meeting begins on Tuesday, after the market whiplash on tariff and DeepSeek concerns. The USD index, which tracks the greenback against a basket of six major currencies, rose on Tuesday, after dropping to its lowest level since mid-December at 106.960 on Monday.
Monday's candlestick shows the greenback closed near where it opened, a doji pattern signalling indecision. However, as a long tail was also left on Monday's candle, that points to a rejection of the downside. The scope is growing for further recovery moves to the 109.420 Jan. 17 high.
Fourteen-day momentum has been negative since the start of last week, but only a sustained break below Monday's 106.960 low would signal a shift in risk back to the downside.
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