The US dollar index remains inside the bearish channel and I expect the price to move lower today and get rejected at the channel resistance. However, I would not bet on the downside as I believe it is limited.
The dollar index is showing rejection signs at the upper channel boundary. A new low is expected to be seen today before the upward reversal. The short-term resistance lies at 99.35. Support is found at 98.80 and the next one at 98.
Green line -long-term trend line support
Black line - support trend line
The dollar index remains stuck right on top of the junction of the two important support trend lines for the third day in a row. We may see a false breakout below the trend lines today but overall I believe there are a lot of chances of a bullish reversal. I prefer to wait without opening a position. When I see a reversal signal, I will go long.
The material has been provided by InstaForex Company - www.instaforex.com
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