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#USDX technical analysis for March 11, 2015

The Dollar index remains in a strong uptrend and has reached our short-term targets very easily. The Dollar index might make a short-term pullback soon but it is very difficult to say yet as this bullish trend is extremely strong.

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Orange lines = bullish price channel

The Dollar index remains inside the upward sloping price channel but has reached the upper channel boundaries. This is a resistance area and we could see a throwoff above it to complete the upward wave from 94.10. We could see a pullback towards the 38% retracement towards 97.25 before we resume the bullish trend towards 100-101.

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My longer-term target remains at 100-101 as I have been saying for some time recently. The 61.8% retracement is my target and I believe the bullish trend will very soon reach this level. Support on the monthly chart is at 94.50.

Alexandros Yfantis neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

Uitgevoerd door, Analytische expert
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