Bullish Dollar above key support
The dollar had a great move after the Fed announcement that it falsely break down first to suck in shorts and then broke the key pivotal level of 94.35 to the upside.The 95 mark was quickly taken out in a breeze. There was a bit of pullback late afternoon last Friday, but the 95 level has been holding as support.
For the next week, I would watch 95 mark as the key level to prescribe my directional bias -- so long as the 95 support being held firm as support throughout the week, I would hold a bullish bias to Dollar that it is very likely to reach above the double top weak structure beyond 95.80 to run for stops. The 95.80 coincides with the 61.8 fib with the whole decline from Aug 20th. If the 95.80 being taken out decisively, then the 78.6 fib level is another place the bears are like to strike their shorts, because it is the completion point of a bearish Cypher pattern.
For the next week, I would watch 95 mark as the key level to prescribe my directional bias -- so long as the 95 support being held firm as support throughout the week, I would hold a bullish bias to Dollar that it is very likely to reach above the double top weak structure beyond 95.80 to run for stops. The 95.80 coincides with the 61.8 fib with the whole decline from Aug 20th. If the 95.80 being taken out decisively, then the 78.6 fib level is another place the bears are like to strike their shorts, because it is the completion point of a bearish Cypher pattern.
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