The Dollar index is in a pullback phase towards 93.40. I expect the pullback that started on Friday to continue today and tomorrow towards 93.40. Price bounced yesterday but so far we have a lower high.
Black rectangle – target area
Red rectangle – short-term support
Black lines – wedge pattern
The Dollar index is trading above the Ichimoku cloud. Trend is bullish. Support is at 93.70. Breaking this level will push price towards our short-term target and Ichimoku cloud support at 93.30-93.40. Resistance is at 94.15.
The Dollar index has bounced off the 61.8% Fibonacci retracement. On a weekly basis, we have made an important low at 92.50 as expected and we have started the next leg up towards 96-97. We might see a short-term pullback towards 93.30 but I believe we are heading higher over the coming weeks. A rejection at 94 will be a bearish sign. Key support at 92.50. Break it and we are off to new lows below 91.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Alexandros Yfantis,
InstaForex Group © 2007-2017
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