The dollar index receives a support from the (moving averages) – technical analysis - 07-11-2016
The dollar index rose at the start of trading on Monday, trading around the resistance level of 97.44, where the index ended the last week just shy of the simple moving average 50, which added support for the index pushing it to open trading this week bullishly.
The index prices dropped during the previous long-term trading from the level of 100.88 down to the level of 91.88, a decline that the dollar corrected by 76.4% so far around the resistance level of 98.78, to drop from it around the level of 97.44, in sync with the 61.8% correction level for the same decline.
It is noted the price moves over the previous trading within bullish channel forming ) the price was able to form during the previous medium term moves, as well as forming a positive harmonic pattern for the medium and short trading, is expected to push the price to a further rise in order to reach the resistance 99.85 level, which adds more positive momentum for the dollar moves may push it to rise again during the coming sessions.
Generally; the price attempts continues during the current trades to pass the 97.44 resistance level, which if achieved the price will target the next resistance at 98.78, but the price's stability below the current resistance will push it to try to retest the support level of 96.40.