The Dollar index has reversed as expected. The price is back above 97.50. It is important for bulls to finish the week with closure above 97.50. I believe, we could have the next upward movement started that will bring the index back above 100.
Purple area= support
The Dollar index remains below the cloud but has made a V shaped reversal. The price is above the kijun-sen in the 4 hour chart. This bounce will be tested at 98, which is the first important resistance by the Ichimoku cloud. Breaking above 98-98.20 will be a bullish sign that will confirm the trend reversal from bearish to bullish.
The weekly chart remains above the tenkan-sen and it is important for bulls to see this week close above 97.50 and as close to 98 as possible. Bulls still have more chances to reverse this market to new highs than bears to push the index to new lows. It is important to see how this week closes. Support isseen at 96-96.50. Breaking below this level will be a sell signal with a target at 92.
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