The Dollar index bounced strongly towards short-term resistance at 97.50. This is important resistance and price has stopped the rise. Bulls need to break above 97.50 in order for our bounce target of 99 to be achieved. 96.50 is now very critical support. If lost, we are most probably going near 94-95.
Blue line - support
The Dollar index is mainly moving sideways for the last few weeks. Price is at important short-term resistance. Price is above the Kumo (bullish) but the Kumo is very thin (bearish or weak support).
Red line -short-term resistance
The Dollar index is bouncing hard off the lower channel boundary. The 14th June daily candle is a reversal daily candle and as previously mentioned, I expect the Dollar index to move towards the Daily Kumo resistance at 98.50-99. This is not the time to be bearish the Dollar as long as price is above 96.50.
The material has been provided by InstaForex Company - www.instaforex.com
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