The dollar index is preparing for a breakout to new highs as the price holds support and approaches important resistance levels. A break above 95.27 will be a bullish signal with 95.90 as first target. The longer-term trend with 100-101 target remains valid.
Green line = resistance
Blue line = support
Support is found at 93.40. The short-term support by the Ichimoku cloud is found at 94.10. The trend remains short-term and bullish but we are close to important resistance of 95.20-95.30. Breaking this resistance will be a very bullish sign. A rejection at the resistance will bring the index back towards the Ichimoku cloud support at 94.
The daily chart remains bullish as the tenkan-sen support is found at 94.20 and is flatting out. The same with the kijun-sen support at 93.50. This flattening move by the index is a consolidation and a pause to the longer-term uptrend. I remain bullish for longer term with 100-101 target.
The material has been provided by InstaForex Company - www.instaforex.com
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