The Dollar index remains in an uptrend and continues to make higher highs and higher lows in the short-term. it is an important day for the Dollar as well as tomorrow with Mario Draghi announcing that the ECB is going to follow the QE policy. I expect the Dollar index to be greatly affected by it.
Technically, the Dollar index remains in an uptrend in the short-term after the big volatility caused by the SNB rate cut. Support is found at 92.65 and resistance at 93.10. Breaking any of these levels will push the index towards 93.40 or 92.35.
The weekly chart remains fully bullish and inside the upward sloping channel. Weekly important support for this uptrend is found at 90.80. Resistance on the weekly chart is found at 93.70. My longer-term target of 94-95 remains valid.
The material has been provided by InstaForex Company - www.instaforex.com
