Dollar index to test resistance at 97.496

SINGAPORE: The dollar index is expected to test resistance at 97.496 in a week, a break above which could lead to a gain to the next resistance at 98.648.

These resistances are identified respectively as the 38.2 percent and the 23.6 percent Fibonacci retracements on the uptrend from the Aug. 24, 2015 low of 92.621 to the Dec. 2, 2015 high of 100.51.

The index has managed to hover above 96.566, the 50 percent level, it has a better chance of rising to 97.496. A break below 96.566 may open the way towards the 61.8 percent level at 95.635.