The Dollar index continues to trade above the short-term Ichimoku cloud support and, I believe, we are in a phase where the uptrend has paused and we should soon see a new uptrend start. The triangle pattern in the short-term implies that the waiting will soon end.
Green lines = triangle pattern
The Dollar index made a low at the 38% Fibonacci retracement and since then it is moving higher and sideways forming a triangle pattern and at the same time holding above the Ichimoku cloud support. Resistance is at 95 and support is at 94.40. Breaking below the 38% retracement will increase the chances of a deep pullback towards 93.
On the daily chart, as shown above, the Dollar index remains above the tenkan-sen support. The price action implies that we are currently in a sideways corrective move as a pause to the bigger bullish trend that could bring the index towards 100 if the level of 95.50 is broken and if the support at 92 is held.
The material has been provided by InstaForex Company - www.instaforex.com
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