The Dollar index has held above its critical support of 94.15 and has bounced towards 95. Trend is bearish but at least now we have a first sign of a possible bullish reversal. 94 is critical support and a big bounce is highly probable to start from this area.
Red line -resistance
Price remains below the Ichimoku cloud but above the blue upward sloping trend line. Resistance is at 95.15-95.50. Support is at 94.15-94. I believe that there are a lot of chances of a bigger upward reversal from current levels. So we should be looking for long positions as long as price is above 94.
The weekly view of the dollar index is not very promising after the rejection at the weekly cloud. The last defense level for bulls is the 94 level where the green trend line support is found. First big resistance is the 95.20 level and next the 95.85. Bullish as long as price is above 94 otherwise bulls are in danger of a bigger degree correction below 92.
The material has been provided by InstaForex Company - www.instaforex.com