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2/16/2016 3:46:39 AM

U.S. dollar index rides a rising correctional wave - Technical Analysis - 16-02-2016



The U.S. dollar index rose in the short term and intraday levels, with positive support from the SMA for the last 50 hours, succeeding in breaching the resistance of 96.36, which represents the ratio 23.6% of Fibonacci retracement levels for a descending wave in the short term (from 99.87 to 95.17), entering into a rising correctional wave as the index tries to recover some of its past losses.

Therefore we expect more gains to come for the index, as long as the support of 96.36 holds on, targeting thereafter the resistance of 97.57, representing the ratio 50% of the same retracement levels.


Target
Risk


Support
Resistance


Trend Bullish

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