FX.co ★ Weekly analysis on the Dollar index

The Dollar index is hanging on by a thread. Price has broken below a key upward sloping trend line support. Price back tested this trend line from below and got rejected. Dollar Bulls seem to be in trouble.

The 92-92.25 level is key support. Failure to hold above it could result into a sharp decline towards 89-90 and maybe lower. Bulls on the other hand need to recapture the 94.50 level in order to hope for another move higher towards 100. We remain bearish as long as price is below the double top formation at 102.30.