Red lines- bullish channel
Green lines- Fibonacci retracement
The Dollar index is bouncing higher. Price is trading around 110.40 and bulls are trying to keep price inside the bullish channel. A low at 109.70 was briefly seen, but bulls stepped in and are pushing price higher. The channel lower boundary remains intact and as long as price is above 109.70, bulls have hopes for the start of a new upward move that will eventually push price to new all time highs. Failure to stay above 109.70 will increase chances of a pull back towards the 38% Fibonacci retracement at 105.