The Dollar index has short-term target of 100.50. Short-term trend is bullish. The break out above 98.20-98.50 resistance gave last week a buy signal and combined with the double bottom around 96, bulls continue to have the upper hand.
Red line = support
Green line = resistance
The blue lines are projecting an equal move after the break out with 100.50 as a target for the Dollar index. The price got broken above the Ichimoku cloud. The trend is bullish now. Support is found at 97.50. Resistance is at 100.50 where the previous highs were set.
Orange lines= bullish channel
The Dollar index made an impressive weekly candle off the lower channel boundary as expected from last Monday when prices opened with a gap down due to the miss in NFP announcement. The Dollar index closed above the tenkan-sen confirming support at 96.20. The long-term trend remains bullish. The upper boundary channel resistance is at 102.50-103. I remain bullish as long as we trade above last weeks low.
The material has been provided by InstaForex Company - www.instaforex.com
