The Dollar index has reached the 38% Fibonacci retracement as expected by our latest analysis. Prices are trading within an upward sloping trend channel as depicted in the chart below.
Short term trend is upward and currently this upward move is labeled corrective. This means that the longer-term trend should resume downwards any time soon if prices break below and under the upward sloping channel. Prices have reached the 79.70-90 resistance and are now put to the test. Prices could make a small pull back towards the lower boundaries of the channel before resuming upwards towards 80.
Daily resistance is found at 80 and then at 80.65-70. Two red downward sloping trend lines confirm that the trend is downward, as long as prices trade below them. If prices break above those two trend lines, then trend will have changed with possible target the 82.50-83 area. For now the longer-term trend remains downward, and we are neutral as long as the short-term upward bounce is labeled as corrective.
The material has been provided by InstaForex Company - www.instaforex.com
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