The Dollar index remains in a bullish trend in all time frames. After the buy signal had been generated in the area of the triangle breakout, the Dollar index was not pushed back below the breakout area. We saw a back test of the breakout area and now we see the index making higher highs and higher lows.
Red lines=triangle pattern
The Dollar index is above the Ichimoku cloud and is in a bullish trend since the breakout above 95 where the upper triangle boundary was. Trend is bullish as long as price is above 94. I continue to expect a breakout towards new highs near 97-98.
The monthly chart of the Dollar index is fully bullish. Strong resistance is at 95.80-96 where the 50% retracement is found. I expect this level to be broken and the Dollar index to move towards the 61.8% retracement over the coming weeks. Target is 100-101.
The material has been provided by InstaForex Company - www.instaforex.com
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