The dollar index continues its sideways movement. The index is preparing for its next upward move that, I expect, will reach 95.90 at least in the short term. My longer-term target remains at 100.
Green line = resistance broken
Black lines = trading range
The Dollar index is above the Ichimoku cloud on our 4-hour chart as shown above. This is a bullish signal. The price has broken above the green trend line resistance and is now consolidating inside a tight short-term trading range between 94.90 and 94.30.
The longer-term trend remains bullish. The price is supported and the dollar remains very strong. The corrections we observe are mostly sideways and there is no strong pullbacks. This confirms the strength of the trend. At 96 we have a strong resistance that, if broken, will give me a buy signal with target of 100. At 96 we find the 50% retracement of the decline from the 2002 highs at 120 to the lows at 70.50 from 2007.
The material has been provided by InstaForex Company - www.instaforex.com
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