Possible pullback on the Dollar Index

The Dollar index is clearly overextended to the upside as shown on the daily chart. Once the index broke above the 96.00 level, it accelerated its bullish momentum and it is coming closer to the 97.00 level. Since the instrument is overbought, it may be ready for a profit taking pullback, possibly from the 97.00 level. For now, the 96.00 level is acting as its closest support, but if the index breaks below the 96.00 level, then the 95.00 zone which was resistance in the past may change to support. The angle and inclination of the 55 day EMA (purple line) is showing us that the bullish trend is still in place and the instrument may try to head higher.