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The US dollar index broke below the cloud and the channel yesterday but right away we saw a bounce that is back testing the broken support and is trying to mark the breakdown as a false one.
Red lines - bullish channel (broken)The dollar index is trying to move back above the 4 hour Kumo and inside the bullish channel. This bounce is corrective and we should expect a rejection soon to turn the price lower. The support is found at 93.30 and resistance lies at 93.70.
On a daily basis the dollar index is trying to break above the tenkan-sen. We are in the daily resistance area. I expect a rejection here. The dollar index is likely to break towards 91 over the coming weeks.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.