The US Dollar Index remains below the important trend-line resistance at 96.40 in the short term and at 97.80 in the long term. The price is moving right below important short-term resistance, so bulls need to be very cautious amid a possible pullback towards 94.50, which can take place.
Green line – resistance
The US Dollar Index is above the Ichimoku cloud in the 4-hour chart but below the green trend-line resistnace. A break above 96.50 will be a bullish sign that could bring the price towards 97.50-98. Rejection here will push the price towards cloud support near 95.75.
Red line -resistance
Green line – support
The US Dollar Index remains below the weekly kijun-sen (yellow Ichimoku indicator). This implies that bears have increased chances to stay in the trend and push prices towards at least 94.
The material has been provided by InstaForex Company – www.instaforex.com