The US Dollar Index remains in an uptrend for a short term. We see some signs of short-term reversal to pull back. The price is also below the important weekly resistance at 97, but as long as we hold above 94.50, bulls are in control. However, we should note that there is increased risk of a gap down on Monday in case a yes vote wins at the Greek referendum as the EURUSD is the main component of the Index.
Blue line – trend line support
The US Dollar Index is above the cloud and trend-line support. The price is moving towards higher highs and higher lows. We could see a pullback towards 95 today, but if a yes vote wins at the Greek referendum, we should see a gap down on Monday’s openning.
Blue line – weekly trend line resistance
The weekly chart is still below the trend-line resistance. This is an important resistance area. There is a strong possibility that the rejection at this level can be combined with a gap down on Monday as we have the extraordinary event in Greece. Traders should be very cautious and be protected against a possible gap down on Monday.
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