The Dollar index remains in an up trend and is looking strong despite the shallow pull back we saw yesterday below 87. The decline was short-lived and the up trend resumes. Support at 87 was held on a daily basis and this means we can see soon another new higher high towards 88.
The Dollar index remains in the up trend above the Ichimoku cloud. Ichimoku indicators remain fully bullish. Support is found at 86.90 and resistance at 87.50. There are increased chances of seeing new higher highs towards 88 today. In case a pull back occurs and price breaks below 86.90 we should expect a deeper correction towards 86.
Orange line = previous high/resistance
The Dollar index is also fully bullish in the daily chart as shown above. The upward move from 84.40 I believe is incomplete and we could reach the 88 even today to complete this move. The bullish flag target remains at 91 and after a deeper pull back I believe we can see that level. Pull backs are buy opportunities. Price is above the cloud support and as long as this is the case, the trend remains bullish.
The material has been provided by InstaForex Company - www.instaforex.com
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