The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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The Dollar index is making new weekly highs. Price remains inside the medium-term bullish channel and is now approaching the upper channel boundary. On a weekly basis the RSI is not making new highs providing a bearish divergence. Traders need to be very cautious.
The last time price was challenging the lower channel boundary, we mentioned that as long as price respects the channel boundaries, bulls remain in control of the trend. Price has now exploded to new weekly highs and although there is no sign of a reversal, at current levels we prefer to take partial profits in open long Dollar positions. Current market conditions justify a reversal if not a major top to be seen in the Dollar index chart. Traders need to be very cautious and bulls must protect their gains.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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