The Dollar index, as expected, from the last week has made a pullback towards 91.80 and held support at 91.50. Bullish trend resumes, and a break above 92.20 resistance will confirm that we are heading towards a new higher high.
Blue line = support trend line
The Dollar index pulled back, as we expected, and showed on the H4 chart by the red lines and is bouncing higher off the trend line support. Short-term trend remains bullish, and if we break above 92.20, we will have confirmation that we are heading towards new highs. Support is found at latest low at 91.70. Breaking below this level will imply that we should expect a deeper correction maybe towards 91.20-91.30 where the Ichimoku cloud support is found.
Red line = support levels
Blue line = resistance levels
The Dollar index is bouncing today towards the short-term resistance of 92.20. A 4-hour close above 92.20 will confirm the new uptrend has started with 93 as the first target. A close below 91.70 for the 4-hour candle chart will be a sell signal that could push the index lower towards 91.40-91.50 at least. The longer-term trend remains bullish, and still any pullback is seen as a buy opportunity. I believe, that the Dollar index has more upside towards 94-95 as long as we hold above 90.
The material has been provided by InstaForex Company - www.instaforex.com
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