The Dollar index got rejected from the short-term cloud resistance at 96.30 and pulled back towards its recent lows at 95.50. A possible double bottom formation could be in play as price is bouncing off the previous lows.
Blue line - support
The Dollar index is bouncing off the previous lows at 95.50 which is also a support level. Short-term resistance is at 96.15. Breaking it will increase dramatically the chances of breaking above 96.50 and moving towards 98.
The Dollar index continues to trade right on top of the lower channel boundary. Daily resistance is at 96-96.50. Breaking it will open the way for a push higher towards 97.60.
The material has been provided by InstaForex Company - www.instaforex.com