The dollar index has been in a difficult situation recently because of the divergent trends of its key components – JPY, EUR and GBP. In the chart there is a potential triangle. We see the index might break out above the level of $81.5 because the European currencies showing strength slowly reversed the trend. We recommend buying at 80.48.
In the hourly chart’s oscillators gave an overbought signal. Profit booking can take place before it breaks the level of 81.5. Friday, the US dollar tried to break 81.32 for three times, but it was unable to break that level and closed at 81.26. Today, 81.32 is acting as very strong resistance. Monday again, it tries to break the level, but in vain the price looks towards profit booking trading at 81.29. A huge jump will take place only above 81.32 towards next major trend decider level of 81.48.
Support: 81.2, 81.
Resistance: 81.32, 81.5.
The material has been provided by InstaForex Company – www.instaforex.com
The dollar index has been in a difficult situation recently because of the
divergent trends of its key components – JPY, EUR and GBP. In the chart there is a potential triangle. We see the index might break out above the level of $81.5
because the European currencies showing strength slowly reversed the trend. We
recommend buying at 80.48.
In the hourly chart’s oscillators gave an overbought signal.
Profit booking can take place before it breaks the level of 81.5. Friday, the US dollar tried to break 81.32 for
three times, but it was unable to break that level and closed at 81.26. Today, 81.32 is acting as very strong resistance. Monday again, it tries to break
the level, but in vain the price looks towards profit booking trading at 81.29.
A huge jump will take place only above 81.32 towards next major trend decider
level of 81.48.
Support: 81.2, 81.
Resistance: 81.32, 81.5.
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