Black line- support trend line
The Dollar index is under pressure over the last few trading sessions. The index made an all time high at 114.75 last week and is now turning lower towards 111. We have been warning over the last couple of weeks that although technically trend remains bullish, the RSI is providing important warning signs that the up trend is weakening. The Dollar index justifies a corrective pull back towards the black trend line at 108. The longer-term trend remains intact as long as bulls defend 107-108. Bulls better be patient and wait for the pull back to complete. Near term trend is dominated by Dollar bears.
