The Dollar index has broken the long-term triangle pattern to the downside and has managed to reach our target of 92 within the day. The trend remains bearish and there is a higher chance that we have not seen the low of this down cycle.
Red line -resistance
The weekly chart of the Dollar index is in a bearish trend. We could see a bounce and a backtest of the breakdown area. The Dollar index has also nearly approached our 92 target where the 38% Fibonacci retracement is found. Price is above the weekly Ichimoku cloud. I expect more downside pressures for the Dollar index and I see any upward move only as a corrective bounce and opportunity to sell.