The Dollar index got rejected yesterday by the downward sloping trend line and pulled back downwards to the 61.8% Fibonacci retracement level on the rise from 79.75. Short-term resistance is at 80.20. If broken, we should expect a move towards 80.60-80.70. Support at 80 is the 61.8% retracement. If broken, we will test the previous low at 79.75.
The price has fallen below the Ichimoku cloud support. Now, it is fighting to break back above it again. The Dollar index is trying to reverse upwards from the 61.8% Fibonacci retracement which is important support. Bulls want to see the Dollar index break above the downward sloping trend line at 80.20.
The daily chart is supported by the Ichimoku cloud. Daily resistance is found at 80.40. A daily close above this level will push prices towards 80.70. Support and major pivot level is the 79.75 low. If broken, we should expect the Dollar index to fall towards 79. I prefer to be bullish as long as the price is above 79.75 and add to long positions on signs of strength.
The material has been provided by InstaForex Company - www.instaforex.com
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