Just dug into some older dollar index futures charts and the technical setup back in 2019 was pretty interesting. The USD was getting support from higher Treasury yields while the Euro was weakening on ECB stimulus expectations. Classic divergence play.

Looking at the daily chart, the main trend was clearly up. The key level everyone was watching was that 98.330 close from the previous day. If dollar index futures broke above 98.700, it would signal stronger buying momentum. Below 98.330 and you'd see potential for a 2-3 day pullback.

The bullish case was straightforward - sustained moves over 98.330 would target those Gann angles at 98.740 and 98.820. Break through that and the next major target was the January 2017 high around 100.060. On the flip side, if dollar index futures couldn't hold 98.330, you'd be setting up for that reversal pattern.

What struck me was how much the ISM Manufacturing PMI release at 14:00 GMT mattered for intraday volatility. Expected at 52.0, but any miss either direction would swing the index pretty hard. That's the kind of catalyst that moves technical levels fast. The spread between US and Japanese bond yields was also supporting dollar strength against the Yen at that time.