The Dollar index is trading inside a bullish channel but today we see some selling pressures on it. Price has made a high at 93.40 and price is now pulling back towards 92.87 and lower. Support by the bullish channel is found in the area of 92.40-92.50.

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Blue lines – bullish channel

Yellow rectangle – support

The Dollar index is showing signs of weakening as expected after a strong move higher. Price continues making higher highs and higher lows. The 92.50 level is a good pull back target and an entry for traders wanting to go long. If support at 92.50 fails to hold price we should expect the Dollar index to make a bigger pull back maybe towards 92-91.80. For now trend remains bullish and we consider this pull back as a short-term pause in the up trend.

The material has been provided by InstaForex Company – www.instaforex.com

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