The Dollar index has reached our target of 95 and has also moved a bit lower. The Dollar index is testing the lower triangle boundary of the weekly chart and this is important support. However, we should not rule out the chance of a breakdown and a push even lower towards 92.
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Green line - support
The Dollar index is testing the lower triangle boundary. A weekly close below it can push the index towards the 92 level where the 38% Fibonacci retracement support is found.
Red line - resistance
The Dollar index remains in a bearish trend. My last sell signal was once 96 was broken and we have reached and surpassed the 1st short-term target of 95. The trend is bearish and Dollar bulls are in danger. A reversal should occur today or at the latest tomorrow for dollar bulls to remain alive. Otherwise, they should prepare for a deeper correction to 92 or even lower.
The material has been provided by InstaForex Company - www.instaforex.com