The Dollar index has reached our 88.50 target and bounced strongly towards 89.50 yesterday. However, the resistance is very strong there and we have rejection signs. Trend remains bearish as long as price is below yesterday’s lows.
On a weekly basis, the Dollar index has reached the 61.8% Fibonacci retracement of the rise from 2013. Trend is clearly bearish. Important support is at 87 where the black upward sloping trend line is found. I expect the Dollar index to reverse towards 92-9, as I believe that the decline from 103 is near its end.
*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 © 2007-2018
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