The Dollar index initially was weak due to the announcement by the Chinese officials regarding the attractiveness of US Bonds. Price has broken during the day below 92.20 and tested support at 91.75. The lows were not tested, and price made a higher low.
Blue line – long-term resistance
USDX got rejected at the 38% Fibonacci retracement and is now trying to challenge this resistance. A break above this level will be a bullish sign that will imply that the index is heading towards 93-93.50. Big medium-term trend resistance is at 93.5-94. Another rejection at 92.60 will be a very bearish sign.
The material has been provided by InstaForex Company – www.instaforex.com
The Dollar index initially was weak due to the announcement by the Chinese officials regarding the attractiveness of US Bonds. Price has broken during the day below 92.20 and tested support at 91.75. The lows were not tested, and price made a higher low.
Blue line – long-term resistance
USDX got rejected at the 38% Fibonacci retracement and is now trying to challenge this resistance. A break above this level will be a bullish sign that will imply that the index is heading towards 93-93.50. Big medium-term trend resistance is at 93.5-94. Another rejection at 92.60 will be a very bearish sign.
The material has been provided by InstaForex Company – www.instaforex.com
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