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USDX technical analysis for March 2, 2016 2016-03-02

The Dollar index continues to trade inside the bullish channel providing some short-term bearish divergence signals by the oscillators and is trying to test the 78.6% Fibonacci retracement after breaking above the 61.8% level.

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Support is at 98.10 and next at 97.80. Bulls should use these levels as stops. I expect a bearish reversal in the dollar index soon. The reversal could even push below 95, but this for now is an alternative scenario. The primary scenario expects the pullback to move towards 97-96.50.

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