FX.co ★ Strong start for the week in the Dollar index.

The Dollar index is bouncing higher continuing last week's momentum. Price remains inside a trading range since the end of February. Price is approaching the 99 level once again. Will we see another rejection and reversal?

Medium-term trend remains bullish but as we mentioned in previous posts around the 99 level we prefer to be neutral if not bearish because I believe the upside potential is limited. While price is approaching the upper trading range boundary, short-term aggressive traders find this as an opportunity to open short-term short positions as price is approaching important resistance area.