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The US dollar index held above the support at 98 yesterday and made an upward reversal towards 99. This is a sign of the dollar's strength. However, we are again close to critical short-term resistance where the index got rejected twice. Will there be a third time?
Blue line - trend-line supportThe US dollar index has once again reached the 61.8% Fibonacci retracement of the decline from 100.50. This is an important short-term resistance.The blue trend line is also an important support, so a break below 98.20 will open the way for a move towards 97.
The weekly candle in the US dollar index has transformed into a bullish one despite the heavy selling against the dollar early on Monday. A close above 99 for the week will imply that new highs are coming. Non-Farm Payrolls on Friday will play an important role in what the greenback will do next.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.