The Dollar index has not made any upside progress so far this week but remains in a short-term bullish mode and can give higher price levels next week.
The price is mainly moving sideways this week. Price remains above the 4hour cloud helping bulls being optimistic for a move higher. Resistance is at 93.80-94. Support is at 93.20.
On a weekly basis, the price is below both the tenkan- and kijun-sen. The trend is bearish. A bounce has started and is expected to push price towards at least the 95-96 level where we find the tenkan-sen (Red line indicator). The weekly close of this week is important regarding the validity of the bullish reversal hammer candle pattern we saw last week.The material has been provided by InstaForex Company – www.instaforex.com