Dollar index falls to seek support and then re-climb - Technical Analysis - 09-11-2016

The dollar index fell at the start of Wednesday's trading, trading below the resistance level of 97.44 and down near the support level of 95.33, a level approaching the support of the bullish channel that the price moves within its range since last May.

 

The last decline movement also coincided with the support of the SMAs 50 and 100 coinciding with 50% correction level for the drop from the level of 100.88 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 fall from this level around the level of 97.44 in sync with 61.8% for the same decline.

 

But soon the index rebounded again influenced by the mentioned supports which pushed the price again in an attempt to trading and holding above the resistance 97.44.

 

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 96.40 again.