The Dollar index is challenging 80.50-.60 resistance. The Dollar index continues to make higher highs and higher lows and as the recent high is currently being challenged, it should be no surprise if we saw a new high soon towards 80.70.
In the chart above I show the short-term support by horizontal green lines and the resistance as the horizontal red trend line. Price is above the Ichimoku cloud and the pattern of higher highs and higher lows supports our bullish view. A clear break below 80.30 will be the first sign of a trend reversal and a sign to close long positions and take profits. Support at 80.10 is also crucial as this is where the Ichimoku cloud lower boundaries are found.
In the daily chart, the Dollar index is trying to break above the blue upward sloping trend line resistance. The Ichimoku cloud is below current price levels and there is increased probability of seeing this move higher towards 80.70. A daily close below 80.35 will confirm that a top is in. Long-term support is found at 79.90.
The material has been provided by InstaForex Company - www.instaforex.com
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