The Dollar index continues to slide sideways but still above the Ichimoku cloud support and above the 38% retracement at 94. The longer-term trend remains bullish with 100 as a possible target. Breaking above 95 will increase the chances of such a bullish move. Holding above 92 is critical for the bullish trend.
As shown on the chart above, the Dollar index bounced last week off the 38% retracement; however, buying remains moderate as the price has not managed to break above short-term resistance at 95. On the other hand, the fact that the index remains above the cloud and above previous lows at 93.70 is a positive sign for bulls.
The daily chart continues to be bullish. At 93.70 we have important daily support. If it is broken, it will push the index towards 92.50 where the kijun-sen support (yellow line) is found. Bulls need to be very cautious as a bearish reversal here could push the index even towards 90 so bulls better raise their stops to protect their positions.
The material has been provided by InstaForex Company - www.instaforex.com
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