The Dollar index continues to stay supported as only shallow pullbacks are seen when the bullish trend pauses. There is no deep correction yet, and this is another strength signal for the Dollar.
Black line – support
The Dollar index is holding above the kijun-sen which for now is the most important short-term support indicator. The price is also above the black trend line support and above the Kumo on the 4 hour chart. We continue to see higher highs and higher lows confirming the bullish trend.
Support is at 94.30 and next at 93.60. Resistance is at 95.20 and next at 96.30. The weekly reversal pattern we noted 2 weeks ago remains valid and supported. The potential remains quite big for the upside in the Dollar index according to the stochastic oscillator. The upper cloud boundary at 96.50 is the minimum target.The material has been provided by InstaForex Company – www.instaforex.com
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