The Dollar index has broken short-term resistance levels after bouncing off our support target at 79.75 and is heading higher towards intermediate-term resistance levels that if broken could change the longer-term trend.
the price is above the Ichimoku cloud and above the red downward sloping trend line resistance. The Dollar index is also trading inside an upward sloping channel. The trend favors bulls. Short-term support is found at 80.15 and 80.05. Short-term resistance is found at 80.60-80.70.
The daily chart shows how the Dollar index is bouncing higher towards the 50% retracement of the decline from 81. Next important daily resistance is found at the 61.8% retracement at the 80.55 and 80.75 level. So, a daily close above these levels will be a sign of strength and a sign that the Dollar index is changing longer-term trend to up.
The material has been provided by InstaForex Company - www.instaforex.com
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