DOLLAR.IDX/USD 4H Chart: Could continue to rise

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Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)BuyBuySell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralNeutral
Alligator(13;8;5)NeutralBuySell
SAR(0.02;0.2)SellBuySell
Aggregate⇒⇗⇘

[ANNOUNCE]The dollar index, which measures the US Dollar against a basket of major currencies, has been surging in an ascending channel pattern since October 21. The DXY tested the 94.00 mark during this week.[/ANNOUNCE]

All things being equal, the dollar index will most likely continue to edge higher during the following trading sessions. The potential target for the DOLLAR.IDX/USD pair would be at the 95.00 level.

However, the upper line of the channel pattern could provide resistance for the exchange rate in the short term.

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