Dollar Index soars – Technical Analysis – 29-10-2015

The US Dollar Index jumped upwards supported by the moving average 50, to breach the medium term bearish trend line, which added more positive support, leading the index to beach 97.39 resistance level yesterday, which represents 61.8% Fibonacci of the medium term bearish wave from 100.37 to 92.52, closing above it to confirm the breach.

Therefore, we expect more rise in the coming trading, targeting 98.52 resistance that represents 76.4% Fibonacci of the above mentioned wave.