FX.co ★ Weekly analysis on the Dollar index

Weekly analysis on the Dollar index

The Dollar index is hanging on by a thread. Price has broken below a key upward sloping trend line support. Price back tested this trend line from below and got rejected. Dollar Bulls seem to be in trouble.

See also: InstaForex is one of the leaders in the Forex market, 12 years on the market, more than 7,000,000 active clients
Weekly analysis on the Dollar index

Blue line -trend line support (broken)

The 92-92.25 level is key support. Failure to hold above it could result into a sharp decline towards 89-90 and maybe lower. Bulls on the other hand need to recapture the 94.50 level in order to hope for another move higher towards 100. We remain bearish as long as price is below the double top formation at 102.30.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account