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Long-term review

The US dollar index remains in a bearish trend, but I believe it is time to make an upward reversal today or early next week. I expect the US dollar index to move towards 97 if not higher.

Exchange Rates 12.02.2016 analysis

Blue lines - bearish channel

The US dollar index is testing short-term resistance at 95.85. A breakout above the channel will open the way to a bounce towards 96.30 and 97. The stochastic oscillator looks oversold and is turning higher. I believe we should see some strength in the US dollar in coming days.

Exchange Rates 12.02.2016 analysis

The weekly chart remains bearish as the price is inside the Ichimoku cloud. However I expect the price to perform a bounce here in order to back test the broken support level. Important weekly resistance is seen at 96.60 and next at 97.50. I believe the short-term opportunity lies on the bullish side as the downside is limited now.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Alexandros Yfantis,
Analytical expert
InstaForex Group © 2007-2019
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