08.02.202215:31 Forex Analysis & Reviews: Short-term view on the Dollar index.

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The Dollar index is bouncing higher. Price is now trading at 95.67 after making an important low last week at 95.11. The Dollar index has retraced 78.6% of the entire upward movement from 94.60 low to 97.41 highs.

Black lines - Fibonacci retracements

The Dollar index can very well start a new upward move to new higher highs above 97.41 as long as price remains above the recent lows at 95.11. Bulls want to see price starting to form higher highs and higher lows. The decline was sharp and deep. If bulls want to continue having hopes for more upside, then they should defend the 95.11 low.

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