Update: A 13-month hi is not enough to overcome a key resistance
Update to the analysis from last week:
The Dollar index tested the resistance around 94 & a half one more time late last week, before starting to drop again. The daily close is weak, especially that it came after reaching a 13-month hi, it only left a shadow above the Fibonacci level, and the daily candle looks like a Doji.
Shorter-term analysis shows that immediate support is at 94.05 (the Marji 71.4% for the most recent bullish attempt, plus an area where a number of MAs & trendlines gather). A break below this could very much increase the bearish pressure on the Greenback, and pave the way towards lower levels, which may lead to testing of at least one of the important Fibonacci levels at 92.68, 92.07 & 91.48.
Key resistance continue to be 94.47, and although the bulls managed to record a high 15 basis points above that, this level is not broken yet.
Munther Marji CMT
The Dollar index tested the resistance around 94 & a half one more time late last week, before starting to drop again. The daily close is weak, especially that it came after reaching a 13-month hi, it only left a shadow above the Fibonacci level, and the daily candle looks like a Doji.
Shorter-term analysis shows that immediate support is at 94.05 (the Marji 71.4% for the most recent bullish attempt, plus an area where a number of MAs & trendlines gather). A break below this could very much increase the bearish pressure on the Greenback, and pave the way towards lower levels, which may lead to testing of at least one of the important Fibonacci levels at 92.68, 92.07 & 91.48.
Key resistance continue to be 94.47, and although the bulls managed to record a high 15 basis points above that, this level is not broken yet.
Munther Marji CMT
