The dollar index continues to trade sideways within the trading range of 95.25 and 93.40. There is no clear medium-term trend. I prefer to take positions in favor of the price levels. Buy near support or sell near resistance. Breaking above or below these price levels will give a clear signal.
Blue line = support
Green line = resistance
The Dollar index is trading around the Ichimoku cloud and between the trading range as I show on the 4 hour chart above. The short-term trend is neutral and unclear. I prefer to stay neutral and open a position once a level is broken. The most probable outcome will be to see a break out to the upside.
Black lines = triangle pattern
The Dollar index is forming a triangle pattern. In cases like this it is preferred to take a position once the price breaks above or below the triangle. Support is at 93.70 and resistance is at 95. I prefer to stay neutral and wait for a breakout. The longer-term trend remains fully bullish targeting 100.
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