Nothing has changed to Dollar index. Trend remains down and bulls are weak for now. There is no sign of a possible trend reversal but prices continue trading above critical support levels. Breaking below 80,50-45 then will push prices towards its next important support at 80,15.
The big sideways move has reached its lower boundaries and unless we see soon a trend reversal by breaking above 80,80, we should expect prices to try to reach the lower boundaries of the downward sloping blue channel as shown above. This could push prices towards 80,15.
The daily chart shows nothing different. If prices break below 80,50 they will not only break the channel boundaries but also put pressure on the 34 day MA. This will worsen the technical view of the Dollar index. Prices will need to close on a daily level above 81 in order to confirm an upward trend reversal. For now we remain neutral waiting for a signal to be given.
The material has been provided by InstaForex Company - www.instaforex.com
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