The Dollar index remains inside the bullish channel. Trend remains bullish. Our upside targets have been achieved. Price continues to make higher highs and higher lows. There are some warning signs as we noted in our previous analysis but there is no reversal confirmation yet.
Blue lines - bullish channel
Green line - long-term support
Black line - bearish divergence
The Dollar index has short-term support at 91.70 and next at 91.40. Price is above the 4-hour cloud. Trend remains bullish as long as price is above 90.50. The RSI and the Stochastic are diverging and provide some warning signals to bulls. A pullback is imminent. I prefer to be neutral or slightly bearish at current levels and not bullish. Looking for at least a pullback towards 91.
The material has been provided by InstaForex Company - www.instaforex.com
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