US Dollar Attacks Strong Resistance

The greenback has currently been advancing for five days in a row and it was also bid on Tuesday. The Dollar index rose 0.30% during the London session and changed hands at 95.60 at the last check.

Bulls are currently attacking one of the first major resistances of previous highs - which is at 95.65 -and they have blocked many attempts over the last few weeks. Considering that the US Dollar has been rising over the past five days, traders may take an advantage and the index could fail at this resistance again.

However, if the price jumps beyond, the bullish momentum would be confirmed, and the next target might be at current cycle highs, at around 96.85.

The index needs to stay above 95.00 for a constant positive outlook. Should the price decline below 95.00, we could see some consolidation or a potential decline to 94.50.

US yields are not rising today and, therefore US traders might send the greenback lower later in the day, considering the strength of the mentioned resistance.

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