The Dollar index continued its uptrend after back testing broken resistance yesterday. Price is in a bullish short-term trend and is now approaching important long- and medium-term resistance levels. With the central banks of Japan, USA and Europe tomorrow on the wires, the Dollar index will surely get some increase in volatility.
Blue line - long-term support trend line
Green line - short-term support trend line
The Dollar index continues to make higher highs and higher lows. Price is testing horizontal resistance at 96.30. Support is at 95.60. If this level is broken we should expect price to move towards the blue trend line support currently around 94.90.
The Dollar index is below the weekly cloud. Another rejection here will be a bearish sign for the Dollar index and will increase the chances of breaking below the green trend line support. Resistance is at 96.55. Support is at 94.70 on a weekly basis. Important to see how this week closes. Will it make a lower high and reverse lower or will it break above the cloud resistance?
