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21.07.201908:29 Forex Analysis & Reviews: Weekly Dollar index analysis

Long-term review

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The Dollar index is consolidating between 98 and 95.50 for the last 8 months. Price has reached the 61.8% Fibonacci retracement area of the entire decline from 103.85 to 88.15. This is a high probability turning point of the medium-term trend in the Dollar index.

Red rectangle - major resistance area

Black line - important support trend line

The Dollar index is trading below the double top at 98-98.25. Price has stopped its rise just below the 61.8% Fibonacci level and my most probable scenario is a bearish reversal from current levels. Confirmation for this scenario will come with a weekly close below 95.60. A weekly close above 98.25 will be a bullish sign and will open the way for a move at least towards 100.40.

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