The Dollar index remains in a bearish trend. Price remains below the important short-term cloud resistance at 91 and as long as we are below it, we should expected more downside ahead. The weekly candle however gives some hopes to bulls with a bullish reversal hammer pattern.
The Dollar index cannot overcome the resistance at the 91 level. This is the most important short-term level. Only a break above it will push price towards the next important resistance of 93. Support is at 90.40 and next at 90.20.
Weekly trend remains bearish. The Dollar index made a weekly bullish hammer candlestick pattern last week and if bulls manage to break above last week's high, we could see the start of a bigger bounce at least towards the blue trend line resistance at 93. As long as we are below 91, there will be no reversal confirmation.
The material has been provided by InstaForex Company - www.instaforex.com
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