Yesterday the Dollar index broke above key resistance at 94.50 and is now trading at 95.89. Price has retraced more than 50% of the entire decline and is moving higher towards the next key Fibonacci retracement level.
Blue line- support trend line
Red lines -expected path
The Dollar index is expected to continue making higher highs and higher lows. As long as the blue trend line is respected, bulls are in control of the trend. The RSI today made a new higher high confirming bullish strength. I expect price to reach the 61.8% Fibonacci retracement over the coming sessions. The upward move that started at the end of May has still more room to go.
