The Dollar index has broken above its resistance on Friday and is back testing it now. The trend is bullish both in short- and long-term. The bullish flag pattern within the longer-term bullish flag confirms that our target is 91. So, there is increasing chance of reaching that level before a deeper pullback correction for the Dollar.
Black line = support
The Dollar index remains above the Ichimoku cloud and has broken above the previous double top price level of 88.15. The cloud is thin and this is not a good sign. We could see a short-term pull back towards 87.95 but this support should hold and prices should continue higher, otherwise we will be in danger of seeing another fake break out. Critical support at 87.50-87.30 must hold for the bullish longer-term trend to remain in control.
The long-term trend remains bullish. The bullish flag within the bullish flag confirms our bullish target of 91. On a daily basis, critical support is found at 87.80, so a daily close above it keeps the bullish trend intact.
The material has been provided by InstaForex Company - www.instaforex.com
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