The Dollar index made a new higher high on Friday and has approached even closer to our short-term target at 98. Our longer-term target remains at 100-101. The Dollar index is showing some signs of a possible pull back towards 97 but longer-term trend remains clearly bullish.
Purple line= support
The Dollar index is above the Ichimoku cloud and above a short-term support of the tenkan-sen at 97.06. The kijun-sen support is at 96.45. Resistance is at recent highs of 97.85. The short-term trend remains bullish as long as the price is above the purple trend line support.
The monthly chart of the Dollar index puts us back into perspective regarding our longer-term target of 100-101. Price has broken the 50% retracement and is heading towards the 61.8% retracement. Trend remains fully bullish.
The material has been provided by InstaForex Company - www.instaforex.com
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