The Dollar index made another break out above the sideways trading range. Early today, it is pulling back to confirm this break out. The trend is bullish as long as price is above 87.50 while short-term support is found at 88.
Black line- trading range
The Dollar index has broken the trading range on Friday but today it is pulling back towards the Ichimoku cloud support at 88.10-88. Holding the cloud in the 4-hour chart will be a bullish signal as a reversal to the upside should come after testing the cloud support. Critical short-term support at 87.80 is the lower cloud boundaries.
The weekly close of the past week was a bullish sign. The weekly candle with the long tail below the body showed that buyers are supporting the Dollar index below 88. Although we start the week with not a strong note, I believe the Dollar index will end the week stronger than it started. The bullish flag target remains at 91. I remain bullish.
The material has been provided by InstaForex Company - www.instaforex.com
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