The Dollar index hold support at 96.20 and bounced strongly. After the index slipped on the back of the Friday holiday, analysts expected the price to collapse. But as I mentioned in my previous analysis, support and low at 96.20 is very important and as long as the price holds above it, bulls are likely to have the upper hand.
Red line = support
Green line = resistance
The Dollar index held the red line support but is still below the Ichimoku cloud. This means that the short-term trend is bearish. The trend will remain bearish as long as the price is below the green trend-line resistance.
The Dollar index is inside the upward sloping channel. It is recovering after the gap down and is trying to move above the tenka-sen indicator (red line). As long as the Dollar index holds inside this bullish channel, the longer-term trend will remain bullish. The next target is seen at 101-102 as long as we hold above 96.
The material has been provided by InstaForex Company - www.instaforex.com
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