The US dollar index is strengthening today as the price is very close to the support area around 95, but it is expected to trade inside the longer-term triangle pattern. The US dollar index is mainly moving sideways during the last month. I expect a breakout to take place soon.
Green line- support
The US dollar index is trading inside the Ichimoku cloud in the 4-hour chart. The price is also inside the short-term triangle pattern. Support is seen at 95 and resistance is expected at 96.60. A breakout at any level will give a new trend.
Green line - support
The weekly chart remains above the weekly Ichimoku cloud, but still inside the bullish flag pattern. The price remains trapped between the weekly kijun- and tenkan-sen indicators. This confirms the neutrality of the trend. Waiting for a breakout before opening a position is my preferred strategy.
The material has been provided by InstaForex Company - www.instaforex.com