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The Dollar index is showing signs of a short-term top but sellers are yet not strong enough to push price below 95. Only then we will have a reversal confirmation.
Blue lines -bullish channelPrice has broken out of the bullish channel and a pull back is now expected. Price is above the Kumo (cloud) and this implies that trend remains bullish for the medium-term despite any short-term weakness. Next support is at 94.30. Resistance is at 95.50 and if broken we should expect the index to move towards 96-96.20.
The weekly chart remains bullish as long as price is above 92 and the 38% Fibonacci retracement. We might see a short-term weakness pullback towards 94.30 where the lower boundary of the Kumo (cloud) is found. Concluding, short-term we are neutral to bearish while in the medium- and long-term bulls are favored as price has made an impressive reversal off the 38% Fibonacci retracement implying new highs.Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.