The Dollar index confirms the fact that the Dollar is currently weak and more weakness is around the corner. The Dollar index has managed to move lower after being rejected by the short-term resistance.
The black line is the resistance trend line and price has gotten rejected every time. Price is below the Ichimoku cloud. Therefore, we should expect more downside pressures to arise and push the index lower for a bigger than normal correction.
After a long time, the weekly chart is showing signs of reversal and some increased bearishness. The Dollar index has weekly support at 91.65 by the tenkan-sen (red) trend line. The longer-term trend remains bullish and a pullback towards 92-91.50 could be a great buying opportunity.
The material has been provided by InstaForex Company - www.instaforex.com
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