The Dollar index is challenging important resistance. Price has broken above the 4-hour Ichimoku cloud and the first step for a bigger bounce towards 91.70 has been made. Bulls will now need to break above the April high and at the same time break above the triangle pattern.
Black lines - triangle pattern
The Dollar index has given a bullish signal by breaking above the Ichimoku cloud. Price is now challenging the resistance of the upper triangle boundary. A break above the triangle will open the way for our first bullish target of 91.70. Support is at 89.50 by the lower cloud boundary and by the lower triangle boundary. I'm bullish Dollar as long as the index is above that level.
The material has been provided by InstaForex Company - www.instaforex.com