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The Tell: Chart watchers see ‘a chance to play a dollar rebound’

The dollar could be due for a rally after its tumble last week, chart watchers say.

The ICE U.S. Dollar Index DXY, +0.34% was up slightly on Monday and holding above the 89 mark. That’s after the gauge dropped about 1.6% last week, falling as low as 88.44 — a level last seen three years ago.

“Could the embattled dollar engage a technical rally?” wrote Hantec Markets analyst Richard Perry in a note Monday, saying that is “the question traders will be asking themselves this week.”

“There is a feeling that the dollar decline is overdone at least in the near term,” Perry added.

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