The US Dollar index has broken the triangle pattern to the upside and has back-tested as expected in our last analysis. Now the index is making new higher highs confirming the bullish breakout. I expect to see new highs towards 97-98 or even 100 over the coming weeks.
Red line = triangle pattern
The US Dollar index has broken the triangle upwards and is above the Ichimoku cloud. The trend is bullish in the short term as well. Support is found at 95-94.90. Resistance is at 95.50 where the previous high is found.
Black lines = triangle
The daily chart remains fully bullish. The price is above the Ichimoku cloud and above the Kijun- and tenkan-sen indicators. Daily support is at 94.20 and as long as we are above that level, trend will remain fully bullish with 97-98 as the first target area.
The material has been provided by InstaForex Company - www.instaforex.com
