empty
 
 
25.11.2022 06:52 PM
Weekly analysis on the Dollar index.

This image is no longer relevant

Green lines -Fibonacci retracement levels

This week have seen intraweek lower lows and the Dollar index is closing at new weekly lows. The entire rise from 89-90 is complete and we are now clearly in a corrective phase. Price so far has almost retraced 38% of the entire rise. The 38% Fibonacci retracement level is important short-term support and we expect a bounce off this level. The 38% retracement is at 104.90. The downside potential for the near term is limited as there are increased chances of a bounce from current levels around the 38% retracement. Our longer-term view for the Dollar index is bearish because after a strong bounce we expect the index to form a lower high and then turn lower towards the 100 price level. It is too soon to talk about this scenario, it is important now to focus on the 38% retracement and to see if the index is preparing a bounce hihger.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback