The Dollar index remains in a short-term up trend trying to break above medium-term resistance and out of the multi-week trading range. The NFP numbers due to be announced tomorrow are going to influence short- and medium-term trend.
Short-term support is at 96.10 while resistance lies at 96.50. The Dollar index is trading above the short-term Ichimoku cloud and as long as the price is above 95.50, short-term trend will remain bullish. There is still no bearish divergence by the oscillators so we can still see at least one more new higher high towards 96.50 which is also weekly resistance.
Green line - trend line support
The Dollar index is once again testing the lower cloud resistance at 96.50 on a weekly basis. This is also horizontal resistance of the previous week's highs. The price remains below the cloud but above the important upward sloping trend line. The critical support is at 95.20 while the 96.50 remains weekly resistance.
The material has been provided by InstaForex Company - www.instaforex.com