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Saturday, April 03, 2021

Dollar bullish with limits

Dollar bullish with limits

The dollar started this year on the bullish side, with good constant economic data, rapid vaccination of the population, and several federal states' opening. All this helped the dollar to strengthen and neutralize part of last year's losses. We see that the previous big correction was up to Fibonacci's 50.0% level. While in this second pullback, we had a break above 50.0% but with resistance at 61.8% 101.70 and a drop to 38.% at 89.80. The dollar found that support and went up again, and our main target is the zone around the higher Fibonacci 50.0% level at 95.75. Before that, our first target was a smaller Fibonacci retracement 38.2% level at 94.53, and a maximum pullback upper is at 61.8% at 97.85. These are all technical targets, and global world events are likely to affect the dollar chart, and this can be our basic analysis for determining and following the trend.



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