The Dollar index is now at important medium-term support. My last buy signal was in late February when the USDX has broken out of a consolidating triangle at 95 and we are now at the 61.8% retracement of that move.
Although the index is found below the Ichimoku cloud, it finds support at the 61.8% retracement where the green rectangle area is shown. I believe that if the longer-term bullish trend of the Dollar index is to continue, the Dollar index should reverse upwards from current levels with targets above 101.
On the weekly chart as shown above, the Dollar index is holding above the tenkan-sen support. This is important support and I believe that we could see an upward reversal from this area. The longer-term trend remains bullish and I believe that we can go above 100 again. If however the USDX does not reverse from current levels, we could see a deeper correction towards 92 over the coming weeks.
The material has been provided by InstaForex Company - www.instaforex.com
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