The US Dollar index has continued to grow in the background of other reserve currencies weakness, most particularly euro and yen. A new multi-year high above 109 was established on Thursday, thereafter in the background of profit fixing by “bulls” the price went down.
The “shooting star” has been formed in the chart, while the RSI indicator has unrolled down in the overbought zone - all of these are the characteristics of correction. The quotations can roll back to the nearest significant level of 107, where the uptrend can resume. Until the previous local maximum of 105,5 isn’t overcome, there is no serious threat for the uptrend.
This content is for informational purposes only and is not intended to be investing advice.
