Let's now take a look at the US Dollar Index technical picture at the H4 time frame. The bounce from the level of 96.20 is in three waves only and the last wave made a local high just below the technical resistance at the level of 97.14. Since then, the market retraced almost 50% of the move up and now is getting closer to the level of 96.57 support. The weak momentum is pointing down which is another bad indicator for the bulls. The level of 96.57 must be held in order for the bulls to have another chance to rally higher. Otherwise, the lower price range levels at 96.40 and 96.32 will be tested soon.
The material has been provided by InstaForex Company - www.instaforex.com