The Dollar index has weakened significantly after the speech by FED Chairwoman Janet Yellen. Price is now testing the recent lows and critical short-term support. Breaking below 95.50 gives us a target at 94.60. Trend remains bearish as long as price is below 96.40.
Red line – resistance
Blue line – support
The Dollar index got rejected by the Ichimoku cloud resistance at 96.30 and reversed back to its recent lows. The bearish scenario of a downward break has more chances as long as price is below 96.10-96.30. Trend remains bearish. If support fails to hold, next target is at 94.60.
Blue lines – bearish channel
The Dollar index weekly chart remains bearish with oversold signs running since late April. Price is on top of the lower channel boundary. I believe we should focus on the bounce as I believe the downside is limited.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The Dollar index has weakened significantly after the speech by FED Chairwoman Janet Yellen. Price is now testing the recent lows and critical short-term support. Breaking below 95.50 gives us a target at 94.60. Trend remains bearish as long as price is below 96.40.
Red line – resistance
Blue line – support
The Dollar index got rejected by the Ichimoku cloud resistance at 96.30 and reversed back to its recent lows. The bearish scenario of a downward break has more chances as long as price is below 96.10-96.30. Trend remains bearish. If support fails to hold, next target is at 94.60.
Blue lines – bearish channel
The Dollar index weekly chart remains bearish with oversold signs running since late April. Price is on top of the lower channel boundary. I believe we should focus on the bounce as I believe the downside is limited.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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