The Dollar index is consolidating near its short-term highs. There is a bullish flag being formed that will give us the short-term target of 95.90 if we make a breakout above the resistance. The trend remains bullish in the longer-term targeting 100.
Black line = broken resistance
Red lines = bullish flag pattern and target
The Dollar index has broken the short-term trend line resistance and has also moved above the Ichimoku cloud resistance. The short-term chart shows a bullish flag that is being formed and a breakout above 94.90 will imply that we are breaking out with 95.90 as a target.
The weekly chart remains fully bullish with long tailed bullish candles supporting the current trend. In Ichimoku terms support is found at 91.60 and as long as we are above that level, we should expect 100 to be achieved in the coming months.
The material has been provided by InstaForex Company - www.instaforex.com
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